Bahrain mandates for dollar bond

Bahrain mandates for dollar bond

Published: August 29, 2014

Kingdom will meet investors next week ahead of possible benchmark deal.

Bahrain has mandated banks to lead its possible return to the US dollar bond market.

The kingdom’s ministry of finance has hired Citi, Gulf International Bank, Mitsubishi UFJ Financial Group and Standard Chartered Bank to run a series of investor meetings starting next week (September 2).

A Reg S/144A transaction, described by one of the lead banks as a “long-dated, benchmark” deal, may follow.

The kingdom was last in the international debt markets in July 2013, when it raised US$1.5bn in a deal managed by BNP Paribas, Citi, Gulf International Bank and JP Morgan.

Bahrain is rated BBB with a stable outlook by Fitch and Standard & Poor’s.