BBK Likely to Borrow $1bn

MANAMA, 7 June 2007 — Bahrain-based Bank of Bahrain & Kuwait (BBK) is likely to borrow nearly $1 billion under a 10-year euro medium term note (EMTN) program. The bank has appointed Citibank and Standard Chartered as bookrunners, it said in a statement. The timings of the sales depends on the market condition after a roadshow in the Gulf, Asia and Europe starting on Sunday, it said. Ratings agency Moody’s said it had awarded the 10-year EMTN program A2 and A3 foreign currency debt ratings, while Fitch had a long-term rating of BBB+ for subordinated notes.