Dubai: Bahrain’s state-owned oil company Nogaholding has raised $1 billion (Dh3.67 billion) through a dual-tranche bond, a document issued by one of the banks leading the deal showed.

The sale is the first international debt issuance by a Bahraini entity since the government obtained an aid package from its Gulf neighbours last month.

Rated BB- by Fitch, Nogaholding, the investment arm of Bahrain’s National Oil and Gas Authority, sold a $500 million six-year bond offering a 7.625 per cent yield, and a 10-year bond of the same value yielding 8.375 per cent, the document said.

BNP Paribas, Citi and JPMorgan coordinated the deal. Bank ABC, Gulf International Bank, HSBC, National Bank of Bahrain, Societe Generale, and Standard Chartered were the joint lead managers.