Commentary & Deal Flow

The Kingdom of Bahrain (BHRAIN) exp B+/B+ (n/n) by S&P/Fitch, US$2.5bn 144A/Reg S 2-part offering. FXD SA, 30/360. Denoms: US$200,000 x US$1,000. Listing: Main Market of the London Stock Exchange plc. Governing Law: L8y Sukuk: English Law and Bahraini Law, 12y Bond: English Law. Pricing 10/1. Settle 10/6 (T+3).

- CBB International Sukuk Programme Co WLL US$1.5bn long 8y sr unsec Sukuk due 2/6/34. Sukuk Structure: Ijara/Murabaha. Obligor: The Kingdom of Bahrain, acting through the Ministry of Finance and National Economy. Off Bahrain's Trust Certificate Issuance Program. ADCB/BABC/Citi/FADB/GIB Capital/JPM (B&D)/Sharjah Islamic Bank/Stan Chart joint books. IPTs: 6.25% area. Yield set at 5.875%.
- The Kingdom of Bahrain, acting through the Ministry of Finance and National Economy, US$1bn 12y sr unsec notes due 10/6/37. Off Bahrain's Global MTN Programme. ADCB/BABC/Citi (B&D)/FADB/GIB Capital/JPM/Stan Chart joint books. IPTs: 7.00% area. Yield set at 6.625%.

UPDATE: L8y Sukuk yield set at 5.875%, 12y Bond set at 6.625%. Combined books in excess of $8.5bn (excl. JLMs interest; skew to Long 8yr)

LAUNCHED: $1.5bn L8y Sukuk at 5.875% yld, $1bn 12y bond at 6.625% yld.

PRICED:
$1.5bn 5.875% 2/6/34 100.00 5.875% +198.5 vs 3.875% 9/30/32.
$1bn 6.625% 10/6/37 100.00 6.625% +250.8 vs 4.25% 8/15/35.