Commentary & Deal Flow

The Kingdom of Bahrain, acting through the Ministry of Finance and National Economy, rated B (stable) by S&P and B+ (negative) by Fitch, 144A/Reg S 2-part via BNP PARIBAS, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, J.P. Morgan, Mashreq and National Bank of Bahrain as Joint Lead Managers and Joint Bookrunners. Pricing 1/27. Settle 2/3 (T+5).
- CBB International Sukuk Programme Company W.L.L. US$ benchmark long 8y sr unsec Sukuk due 9/3/34. BNP/Dubai Islamic Bank/ENBD/FADB/HSBC (B&D)/JPM/Mashreq/National Bank of Bahrain as joint bookrunners. Obligor: The Kingdom of Bahrain, acting through the Ministry of Finance and National Economy. Documentation: Trust Certificate Issuance Programme. Sukuk Structure: Ijara/Murabaha. Profit Rate / Coupon: FXD SA, 30/360. Denoms: $200,000 x $1,000. Listing: Main Market of the London Stock Exchange plc. Business Days: New York and London. Governing Law: English law and Bahraini law. IPTs: 6.625% area.

- The Kingdom of Bahrain, acting through the Ministry of Finance and National Economy US$ benchmark 12y sr unsec bonds due 2/3/38. BNP/ENBD/FADB/HSBC/JPM (B&D)/Mashreq/National Bank of Bahrain as joint bookrunners. Documentation: Global Medium Term Note Programme. Profit Rate / Coupon: FXD SA, 30/360. Denoms: $200,000 x $1,000. Listing: Main Market of the London Stock Exchange plc. Business Days: New York and London. Governing Law: English law. IPTs: 7.50% area.