Bahrain raises $3 billion in largest ever debt sale

Country struggling with deficit since oil prices dropped in 2014

Manama, Bahrain, Middle East. Getty Images

Bahrain raised US$3 billion, about 10 per cent of its economic output, in a three-part international bond sale that may help narrow a gap in its finances left by a more than 50 per cent drop in oil prices since 2014.

The sale includes an $850 million Islamic bond, according to a person familiar with the deal who is not authorized to speak publicly. It also raised $1.25bn in 12-year notes and $900m due in 30 years, the person said.

The Gulf kingdom, like other oil-exporting countries across the region, has made repeated use of international debt markets to bolster public budgets since energy markets slumped. Bahrain’s fiscal deficit reached 15 per cent of economic output last year.

BNP Paribas, Citigroup Inc., Gulf International Bank, JPMorgan Chase & Co., and National Bank of Bahrain are arranging Wednesday’s sale.

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Manchester United 6 (McTominay 2', 3'; Fernandes 20', 70' pen; Lindelof 37'; James 65')

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Man of the match: Scott McTominay (Manchester United)

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Manchester United 6 (McTominay 2', 3'; Fernandes 20', 70' pen; Lindelof 37'; James 65')

Leeds United 2 (Cooper 41'; Dallas 73')

Man of the match: Scott McTominay (Manchester United)

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Manchester United 6 (McTominay 2', 3'; Fernandes 20', 70' pen; Lindelof 37'; James 65')

Leeds United 2 (Cooper 41'; Dallas 73')

Man of the match: Scott McTominay (Manchester United)

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Manchester United 6 (McTominay 2', 3'; Fernandes 20', 70' pen; Lindelof 37'; James 65')

Leeds United 2 (Cooper 41'; Dallas 73')

Man of the match: Scott McTominay (Manchester United)

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Manchester United 6 (McTominay 2', 3'; Fernandes 20', 70' pen; Lindelof 37'; James 65')

Leeds United 2 (Cooper 41'; Dallas 73')

Man of the match: Scott McTominay (Manchester United)

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Manchester United 6 (McTominay 2', 3'; Fernandes 20', 70' pen; Lindelof 37'; James 65')

Leeds United 2 (Cooper 41'; Dallas 73')

Man of the match: Scott McTominay (Manchester United)

MATCH INFO

Manchester United 6 (McTominay 2', 3'; Fernandes 20', 70' pen; Lindelof 37'; James 65')

Leeds United 2 (Cooper 41'; Dallas 73')

Man of the match: Scott McTominay (Manchester United)

MATCH INFO

Manchester United 6 (McTominay 2', 3'; Fernandes 20', 70' pen; Lindelof 37'; James 65')

Leeds United 2 (Cooper 41'; Dallas 73')

Man of the match: Scott McTominay (Manchester United)

MATCH INFO

Manchester United 6 (McTominay 2', 3'; Fernandes 20', 70' pen; Lindelof 37'; James 65')

Leeds United 2 (Cooper 41'; Dallas 73')

Man of the match: Scott McTominay (Manchester United)

MATCH INFO

Manchester United 6 (McTominay 2', 3'; Fernandes 20', 70' pen; Lindelof 37'; James 65')

Leeds United 2 (Cooper 41'; Dallas 73')

Man of the match: Scott McTominay (Manchester United)

MATCH INFO

Manchester United 6 (McTominay 2', 3'; Fernandes 20', 70' pen; Lindelof 37'; James 65')

Leeds United 2 (Cooper 41'; Dallas 73')

Man of the match: Scott McTominay (Manchester United)

MATCH INFO

Manchester United 6 (McTominay 2', 3'; Fernandes 20', 70' pen; Lindelof 37'; James 65')

Leeds United 2 (Cooper 41'; Dallas 73')

Man of the match: Scott McTominay (Manchester United)

MATCH INFO

Manchester United 6 (McTominay 2', 3'; Fernandes 20', 70' pen; Lindelof 37'; James 65')

Leeds United 2 (Cooper 41'; Dallas 73')

Man of the match: Scott McTominay (Manchester United)

MATCH INFO

Manchester United 6 (McTominay 2', 3'; Fernandes 20', 70' pen; Lindelof 37'; James 65')

Leeds United 2 (Cooper 41'; Dallas 73')

Man of the match: Scott McTominay (Manchester United)

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John Heminway, Knopff

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John Heminway, Knopff

In Full Flight: A Story of Africa and Atonement
John Heminway, Knopff

In Full Flight: A Story of Africa and Atonement
John Heminway, Knopff

In Full Flight: A Story of Africa and Atonement
John Heminway, Knopff

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John Heminway, Knopff

In Full Flight: A Story of Africa and Atonement
John Heminway, Knopff

In Full Flight: A Story of Africa and Atonement
John Heminway, Knopff

In Full Flight: A Story of Africa and Atonement
John Heminway, Knopff

In Full Flight: A Story of Africa and Atonement
John Heminway, Knopff

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John Heminway, Knopff

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John Heminway, Knopff

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