Bahrain started marketing a three-tranche dollar bond to help plug one of the most burdensome 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 $500m. 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 first time since May and follows Dubai’s sale of $2bn in bonds after a ...read more...