Bahrain has raised $3bn in a three-tranche international bond issue which was met with strong market appetite with order books in excess of $15bn. The deal, the kingdom’s largest ever bond, consisted of a 7.5-year $850mn Islamic sukuk priced at 5.25%; a 12-year $1.25bn conventional bond priced at 6.75%; and a 30-year $900mn conventional bond priced at 7.50%.

The deal was arranged by BNP Paribas, Citi, Gulf International Bank, JP Morgan and National Bank of Bahrain. Oversubscription of...