October 4, 2016 / 12:41 PM / a year ago

Bahrain sets yield for US dollar bonds

Oct 4 (IFR) - The Kingdom of Bahrain has set yields for its US dollar dual-tranche transaction comprising a long seven-year sukuk and 12-year conventional bond, according to a lead.

The sovereign set the yield for an expected US$750m-US$1bn February 2024 sukuk at 5.625%.

That compares with initial thoughts of 6% area and guidance of 5.75%-5.875%.

Bahrain set the yield for an expected US$750m-US$1bn October 2028 bond at 7%.

That compares with initial thoughts of 7.25% area and guidance of 7.125% area.

The combined order book is in excess of US$6bn.

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)

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