Oct 4 (IFR) - The Kingdom of Bahrain has announced guidance on its US dollar benchmark-sized dual-tranche transaction comprising a long seven-year sukuk and 12-year conventional bond, according to a lead.
The sovereign has announced guidance of 5.75%-5.875% on the February 2024 sukuk. On the October 2028 bonds, pricing is 7.125% area.
That compares with initial thoughts of 6% area and 7.25% area respectively.
The combined order book is in excess of US$4bn.
The 144A/Reg S transaction is today’s business via Bank ABC, BNP Paribas, Credit Suisse, JP Morgan, Standard Chartered Bank.
Bahrain is rated BB (stable) by Standard and Poor’s and BB+ (stable) by Fitch. (Reporting by Robert Hogg; editing by Sudip Roy)