LONDON, 3 February 2026 – Baker Botts L.L.P., a leading international energy, technology, and life sciences law firm, advised the Kingdom of Bahrain on the pricing of its jumbo dual‑tranche offering, comprising U.S.$800,000,000 6.124% Trust Certificates due 2034 and U.S.$1,300,000,000 7.10% Notes due 2038.

The issuances closed on 3 February 2026, and the trust certificates and notes are listed on the Main Market of the London Stock Exchange plc.

The Sukuk tranche was structured in accordance with Sharia principles and issued under Bahrain’s existing trust certificate issuance framework. The conventional bond tranche was issued under Bahrain’s Global Medium Term Note Programme.

BNP Paribas, Emirates NBD Bank PJSC, First Abu Dhabi Bank PJSC, HSBC Bank plc, J.P. Morgan Securities plc, Mashreqbank psc and National Bank of Bahrain acted as joint lead managers on the bond transaction. BNP Paribas, Dubai Islamic Bank PJSC, Emirates NBD Bank PJSC, First Abu Dhabi Bank PJSC, HSBC Bank plc, J.P. Morgan Securities plc, Mashreqbank psc (acting through its Islamic Banking Division) and National Bank of Bahrain acted as joint lead managers on the Sukuk transaction.

Baker Botts’ London capital markets team was led by partners Patrick Lyons and Jennifer Rees, with senior associate Amy Rees.

This transaction builds on the team’s longstanding track record advising sovereigns across the Gulf region on landmark capital markets matters, including recent work for Oman on its U.S.$1 billion Sukuk issuance and tender offer, Egypt on its dual‑tranche U.S.$1.5 billion sovereign Sukuk issuance, and Bahrain on its U.S.$2.5 billion dual‑tranche sovereign bond and Sukuk issuance.

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