Thursday 25, October 2018 by Kudakwashe

Bahrain's nogaholding plans to issue dual-tranche dollar bond

 

The firm has hired banks to arrange a series of fixed-income investor meetings before a planned sale of six and 10-year US dollar-denominated bonds.

Bahrain's nogaholding has announced plans to issue international bonds, in the first venture by a Bahraini entity into the international debt markets since the Kingdom received aid package from its Gulf neighbours.

The investment arm of Bahrain’s National Oil and Gas Authority is said to have tried to raise international funds in April, but that deal was delayed, partly by investor doubt Bahrain could repay its debt.

The state-owned oil company has mandated BNP Paribas, Citi and JPMorgan as coordinators, Bank ABC, Gulf International Bank as well as HSBC, National Bank of Bahrain and Société Générale have been appointed as joint lead managers for the planned transaction, reported Reuters.

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