The paper has all the same features as a conventional euro medium-term note (EMTN), although it is technically called a euro medium-term deposit note and is structured slightly differently because of Bahrain Monetary Agency (BMA - central bank) rules subordinating term debt to deposits in repayments. The notes will enjoy the same ranking as deposits.

The bond was priced at 48 basis points (bp) over Libor, reduced from price guidance of 50 bp during bookbuilding. Roadshows went to Europe, the GCC and Asia and orders were received in excess of $700 million.

Subscription came 51 per cent from Europe, 16 per cent from Asia and 33 per cent from the GCC, with banks and treasuries accounting for 82 per cent of demand. The notes will be listed in London.