By Christine Van Dusen
Atlanta, Feb. 24 – Bahrain priced $600 million in taps of its notes due in 2021 and 2026 on Tuesday after canceling the deal last week, a market source said.
The $275 million tap of the 5 7/8% notes due Jan. 26, 2021 priced at 99.678 to yield 5.95%, matching talk.
The $325 million tap of the 7% notes due Jan. 26, 2026 priced at 95.533 to yield 7.65%, also matching talk.
Bank ABC, BNP Paribas, Citigroup, HSBC and JPMorgan were the bookrunners for the Rule 144A and Regulation S deal.
The deal was previously canceled after Bahrain’s credit rating was downgraded by Standard & Poor’s.
| Issuer: | Bahrain
|
| Amount: | $600 million
|
| Description: | Notes
|
| Bookrunners: | Bank ABC, BNP Paribas, Citigroup, HSBC, JPMorgan
|
| Trade date: | Feb. 23
|
| Settlement date: | March 1
|
| Ratings: | Standard & Poor’s: BB
|
| Fitch: BBB-
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| 2021 notes
|
| Amount: | $275 million
|
| Maturity: | Jan. 26, 2021
|
| Coupon: | 5 7/8%
|
| Price: | 99.678
|
| Yield: | 5.95%
|
| Price talk: | 5.95%
|
|
|
| 2026 notes
|
| Amount: | $325 million
|
| Maturity: | Jan. 26, 2026
|
| Coupon: | 7%
|
| Price: | 95.533
|
| Yield: | 7.65%
|
| Price talk: | 7.65%
|
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