Bahrain Cancels Bond Offer After S&P Cuts Sovereign Rating
- State's $750 million tap to 2021, 2026 bonds priced on Tuesday
- Any future transaction will be subject to market, Bahrain says
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Bahrain canceled a bond offering less than two days after the securities were priced in the wake of a Standard & Poor’s decision to downgrade the nation’s debt to junk.
The Gulf kingdom had planned to raise $750 million by issuing an additional $450 million of an existing 2021 note and another $300 million of a 2026 security. Prices of the outstanding notes erased declines after the announcement. Bank ABC, BNP Paribas SA, Citigroup Inc., HSBC Holdings Plc and JPMorgan Chase & Co. managed the transaction.