Bahrain this week raised $2bn in funding: a $1bn conventional bond issue maturing in 2031 (12 years) priced at 5.625%, whilst $1bn in Sukuk maturing in 2027 (8 years) yielded 4.5%.

Bahrain, with its relatively modest natural resources and lack of economic diversification, is rated BB- by Fitch, three notches below investment grade and a full 10 notches below Abu Dhabi (see above); Moody’s B2 rating is two notches lower still. (CONTINUED - 224 WORDS)