(Adds pricing analysis)

By Sudip Roy

LONDON, Feb 21 (IFR) - The Kingdom of Bahrain has started marketing a tap of its US$1bn October 2028 bond, with a 30bp new issue premium.

The sovereign has announced initial price thoughts of 6.85% area. The bond closed on Monday at a bid yield of 6.55%, according to Thomson Reuters data.

The sovereign is seeking to raise up to US$600m through the tap.

The 144A/Reg S deal is today's business. Bank ABC, BNP Paribas, Credit Suisse, JP Morgan (B&D) and Standard Chartered are the leads.

Bahrain is rated BB- by Standard & Poor's and BB+ by Fitch.

(Reporting by Sudip Roy, editing by Julian Baker) ((sudip.roy@thomsonreuters.com; +44 20 7542 4617; Reuters Messaging: sudip.roy.thomsonreuters.com@reuters.net))

Keywords: BAHRAIN BONDS/