Bahrain eyes dollar bond to help plug budget deficit

Bahrain eyes dollar bond to help plug budget deficit

The announcement marks the kingdom's return to the international debt market for the first time since May

Bahrain has 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 authorised to speak publicly and asked not to be identified. Benchmark typically means the equivalent of at least $500 million.

Bank ABC, Citigroup, Gulf International Bank, HSBC Holdings, National Bank of Bahrain and Standard Chartered are the lead managers for the sale and will arrange a global investor call on Tuesday.

The announcement marks the kingdom's return to the international debt market for the