Bahrain sees big demand for $1.5bn bond
Dubai, July 25, 2013
Bahrain has attracted strong demand for a $1.5 billion issue of 10-year sovereign bonds, taking advantage of this week's relative stability in international debt markets.
The bond, with a fixed coupon of 6.125 per cent, priced at 99.4470 yielding 6.20 per cent. Order books had reached nearly $8 billion in the early afternoon London time on Wednesday, lead managers said.
The strong demand allowed Bahrain to tighten the pricing from initial guidance of a 6.5 per cent yield.
Bahrain conducted investor roadshows in mid-June but then held off on issuing because of volatility in global markets.
BNP Paribas, Citigroup, Gulf International Bank and JP Morgan Chase & Co were bookrunners on the deal. - Reuters