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Bahrain $1bn bond seen pricing over 200bps

Dubai, March 23, 2010

Early price guidance on Bahrain's $1 billion sovereign bond issue is seen in the low-200 basis point region over midswaps, sources said on Tuesday.

The issue would be the first sovereign bond by a Gulf state to come to market after indebted state-owned conglomerate Dubai World announced its $26 billion restructuring in November, leaving investors nervous about buying into the region's.

'It's not extremely cheap but there will be a lot of interest from US houses and locals; there is not a lot of sovereign supply,' said a London-based fund manager.

A fixed income trader at an international bank in Dubai also said the price indication looked a 'tad expensive.'

Pricing guidance on the bond is expected later on Tuesday, and the bond is seen to price on Tuesday or early Wednesday. – Reuters




Tags: Bahrain | Dubai World | bond | Basis points |

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