Kingdom of Bahrain $600 million 7% sovereign eurobond tap issue

Overview:

• Kingdom of Bahrain sold a $600 million sovereign eurobond through a tap issue to a $1 billion bond issued in October 2016.
• Listed on the Irish Stock Exchange, the RegS/Rule 144A notes have a coupon of 7% and mature in October 2028.
• Bank ABC, BNP Paribas, Credit Suisse, JP Morgan Securities, and Standard Chartered Bank were joint lead managers on the issue, National Bank of Bahrain was co-manager.
• Bahrain, like other Gulf states, has been issuing bonds to fill gaps in its budget caused by the low oil price.
• Bahrain sold more than $3 billion bonds in 2016, with a mix of international and domestic issues of conventional and Islamic debt. 

Ben Naylor - Regional editor