(Recasts with reaction to S&P downgrade)
DUBAI, Feb 17 (Reuters) - Bahrain said on Wednesday that it was talking with the lead managers of its latest sovereign debt offer after Standard & Poor's downgraded its credit rating.
S%P cut Bahrain to 'BB/B' with a stable outlook on Wednesday, citing lower oil price assumptions. Late on Tuesday, Bahrain upsized and launched a $750 million, two-part bond reopening, at the tighter end of its previous guidance.
"The Kingdom of Bahrain is discussing with its lead managers the next steps in relation to this announcement by S&P on the Kingdom of Bahrain's bond transaction announced yesterday," the Bahraini central bank said in a brief statement on Wednesday. It did not elaborate.
Bank ABC, BNP Paribas, Citigroup, HSBC and JP Morgan, which arranged Bahrain's original bond in November, are leading the bond reopening.
A document released late on Tuesday by the leads showed Bahrain had increased its borrowing size by $250 million on the back of strong demand with the order book topping $1.35 billion.
The re-tap was split between five- and 10-year portions, at 5.70 percent and 7.40 percent respectively. Previous guidance was 5.70-5.80 percent and 7.40-7.50 percent.
In November, Bahrain raised $1.5 billion in bonds paying 5.875 percent in the five-year tranche and 7.0 percent in the 10-year.
(Reporting by Archana Narayan and Andrew Torchia) ((archana.narayanan@thomsonreuters.com; +971 445 36240; Reuters Messaging: archana.narayanan.thomsonreuters.com@reuters.net))
Keywords: BAHRAIN BONDS/
DUBAI, Feb 17 (Reuters) - Bahrain said on Wednesday that it was talking with the lead managers of its latest sovereign debt offer after Standard & Poor's downgraded its credit rating.
S%P cut Bahrain to 'BB/B' with a stable outlook on Wednesday, citing lower oil price assumptions. Late on Tuesday, Bahrain upsized and launched a $750 million, two-part bond reopening, at the tighter end of its previous guidance.
"The Kingdom of Bahrain is discussing with its lead managers the next steps in relation to this announcement by S&P on the Kingdom of Bahrain's bond transaction announced yesterday," the Bahraini central bank said in a brief statement on Wednesday. It did not elaborate.
Bank ABC, BNP Paribas, Citigroup, HSBC and JP Morgan, which arranged Bahrain's original bond in November, are leading the bond reopening.
A document released late on Tuesday by the leads showed Bahrain had increased its borrowing size by $250 million on the back of strong demand with the order book topping $1.35 billion.
The re-tap was split between five- and 10-year portions, at 5.70 percent and 7.40 percent respectively. Previous guidance was 5.70-5.80 percent and 7.40-7.50 percent.
In November, Bahrain raised $1.5 billion in bonds paying 5.875 percent in the five-year tranche and 7.0 percent in the 10-year.
(Reporting by Archana Narayan and Andrew Torchia) ((archana.narayanan@thomsonreuters.com; +971 445 36240; Reuters Messaging: archana.narayanan.thomsonreuters.com@reuters.net))
Keywords: BAHRAIN BONDS/
