By Rebecca Melvin
Concord, N.H., Nov. 10 – The Kingdom of Bahrain priced $2 billion of senior notes, including a 7.5-year sukuk and a 12.5-year conventional bond (/B+/B+), according to market source.
The notes were priced under Bahrain’s global medium-term note program.
The $1 billion sukuk due May 18, 2029, issued via CBB International Sukuk Program Co. WLL, priced at par for a profit rate of 3 7/8%, or spread to U.S. Treasuries of 242 basis points.
The $1 billion 5 5/8% conventional bond due May 18, 2034 priced at par to yield 5 5/8%, or a spread over Treasuries of 406.1 bps. This tranche priced through the sovereign’s Ministry of Finance and National Economy.
HSBC Bank plc is stabilization manager, joint lead manager and joint bookrunner of the Rule 144A and Regulation S deal, together with BNP Paribas, Citigroup, JPMorgan and National Bank of Bahrain as joint lead managers and joint bookrunners.
| Issuer: | Kingdom of Bahrain
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| Issue: | Senior notes
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| Amount: | $2 billion
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| Bookrunners: | HSBC Bank plc, BNP Paribas, Citigroup, JPMorgan and National Bank of Bahrain
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| Pricing date: | Nov. 10
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| Settlement date: | Nov. 18
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| Ratings: | S&P: B+
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| Fitch: B+
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| Distribution: | Rule 144A and Regulation S
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| 7.5-year sukuk
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| Issuer: | CBB International Sukuk Program Co. WLL
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| Amount: | $1 billion
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| Maturity: | May 18, 2029
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| Profit rate: | 3 7/8%
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| Price: | Par
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| Yield: | 3 7/8%
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| Spread: | Treasuries plus 242 bps
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| ISINs: | XS2408002769, US12482TAC27
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| 12.5-year notes
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| Issuer: | Kingdom of Bahrain, acting through its Ministry of Finance and National Economy
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| Amount: | $1 billion
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| Maturity: | May 18, 2034
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| Coupon: | 5 5/8%
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| Price: | Par
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| Yield: | 5 5/8%
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| Spread: | Treasuries plus 406.1 bps
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| ISINs: | XS2408003064, US05675M2J23
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