Bahrain started marketing a three-tranche dollar bond to help plug one of the biggest budget deficits in the world.
The Gulf nation is selling benchmark-size seven-year Islamic bonds as well as conventional debt with a duration of 12 years and/or 30 years, according to a person familiar with the matter, who’s not authorized to speak publicly and asked not to be identified. Benchmark typically means the equivalent of at least $500 million.
Bank ABC, Citigroup Inc, Gulf International Bank BSC, HSBC Holdings Plc, National Bank of Bahrain BSC and Standard Chartered Plc are the lead managers for the sale and will arrange a global investor call on Tuesday.
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