Bahrain's cancelled tap causes uproar

摘要

Bahrain's shock decision to cancel a US$750m bond tap has triggered fierce criticism of the deal's execution, although lead managers said they were unaware of an impending rating downgrade when they launched the trade. The Bahrain government cancelled the new deal just two days after pricing, with the central bank stating that the decision followed Standard & Poor's two-notch rating downgrade of the country to BB on Wednesday. "One of the biggest messes I have ever seen," one bond trader told IFR.