DUBAI, Feb 16 (Reuters) - Bahrain has opened order books to raise $500 million through a re-opening of its two-part bond issued late last year, which it plans to close as soon as Tuesday, a document from lead arrangers showed.
The finances of the small energy exporter, with less generous oil and financial reserves than its neighbours, have been hard hit by the drop in oil prices.
The kingdom has set initial price thoughts for the re-tap, split between five- and 10-year portions, at respectively 5.875 percent area and 7.5 percent area.
It is working with the same five banks -- Bank ABC, BNP Paribas, Citigroup, HSBC and JP Morgan -- which arranged its $1.5 billion bond in November, the document showed.
That transaction resulted in a five-year portion priced at 5.875 percent and a 10-year tranche at 7 percent.
Taps are rare in the Middle East, with only a handful in recent years, but the structure would have benefits for Bahrain, mostly due to the speed at which the kingdom could access the market instead of waiting for new documentation to be drawn up for a separate issue.
(Reporting by Archana Narayanan; Editing by David French) ((archana.narayanan@thomsonreuters.com; +971 445 36240; Reuters Messaging: archana.narayanan.thomsonreuters.com@reuters.net))
Keywords: BAHRAIN BONDS/
