Bahrain sold $1.5 billion of bonds, joining issuers from Indonesia to Petroleos Mexicanos after developing-nation yields fell from a 21-month high. Emerging-market borrowers raised at least $13 billion since July 10, when comments from Federal Reserve Chairman Ben S. Bernanke tempered speculation the U.S. would scale back stimulus. Yields had soared to 5.54 percent June 24, the highest since 2011, as Bernanke signaled he may reduce bond purchases that had fueled gains in developing-nation assets. Read more [...]

MY husband, daughter and I were hoping to travel to Italy and Amsterdam next month, but have come up against difficulties with the online booking systems at both the German and Italian embassies. E-mails asking for help go unanswered. Myself and my daughter, as British citizens, have no need for visas to enter Italy, but my husband, as a Bahraini citizen, requires a Schengen visa. He has made an online application to both embassies, but has been unable to get a date for an appointment before our Read more [...]

BAHRAIN International Circuit (BIC), "The Home of Motorsport in the Middle East," is all set to host its third weekend of exciting Ramadan events, following the success of its back-to-back rounds held over the last two weekends in Sakhir. Scores of fans flocked to BIC to watch 53 participants compete at the second event of Burnout Night last week. Meanwhile, drivers from across Bahrain and the GCC participated in Drift Night's opening round that took place earlier this month. Both events remain Read more [...]

Bahrain is rated Baa1/BBB/BBB, stable outlook, the lowest of the oil exporting sovereigns in the Gulf Cooperation Council (GCC) countries. Regionally, it is rated on par with Morocco, although the latter has a negative ratings outlook given wider fiscal deficits and large current account deficits (versus double digit surpluses in Bahrain). Beyond the region, rating comparables could include commodity driven BBBs such as Brazil, South Africa, Russia, Indonesia but these are significantly larger, more Read more [...]

The sovereign, rated BBB/BBB, launched the transaction at a yield of 6.20%, the tight end of guidance of 6.25% area (plus or minus 5bp), and some 30bp inside initial price thoughts of 6.50% area.

The order book for the issue, which matures on August 1, 2023, was heard close to $8 billion before launch.

BNP Paribas, Citigroup, Gulf International Bank and JP Morgan are leads on the 144A/Reg S transaction, which is expected to price later on Wednesday.

BCFC registers net profit of $17m in H1 Manama, 10 hours, 46 minutes ago Bahrain Commercial Facilities Company (BCFC) has reported a consolidated net profit of BD6.4 million ($16.97 million) for the first half of the year, slightly higher than the figure for the same period last year. Net profit for the second quarter of this year was BD3.1 million as against BD3.6 million for the corresponding period last year, reported the Gulf Daily News, our sister Read more [...]