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The Kingdom of Bahrain priced a dual-tranche US dollar denominated offering comprising an $800 million long eight-year sukuk and a $1.3 billion 12-year conventional bond.
The long eight-year sukuk is priced at 6.124% semi-annual coupon, with a yield of 6.125%.
The 12-year bond is priced at 7.10% semi-annual coupon and a 7.10% yield.
Final orderbooks (excluding JLM interest) closed at over $3.7 billion for the sukuk and over $4.4 billion for the 12-year bond.
Initial price thoughts were at 6.625% area for the long eight-year sukuk and 7.5% area for the 12-year bond. Books peaked at more than $4.7 billion and $4.2 billion, respectively, prior to launch.
The transaction was launched with deal sizes of $800 million for the sukuk and $1.3 billion for the 12-year tranche after books topped $4.6 billion and $4.5 billion, respectively.
The issuances will be listed on the London Stock Exchange’s Main Market.
(Writing by Brinda Darasha; editing by Bindu Rai)
