On Thursday, Bahrain's government cancelled a $750 million bond tap after pricing the deal, following Standard & Poor's decision to downgrade its rating of the kingdom's debt to junk status.
The finances of the small energy exporter, with less generous oil and financial reserves than its neighbours, have been hard hit by the drop in oil prices.
The kingdom has set initial price thoughts for the re-tap, split between five- and 10-year portions, at respectively 5.95 percent and 7.65 percent.
Bahrain had priced its re-tap last week at 5.70 percent for the 5-yr portion and 7.40 percent for the 10-year piece.
S&P cut Bahrain by two notches to 'BB/B' with a stable outlook, pushing the rating below investment grade and making Bahrain the first of the wealthy Gulf oil exporters to suffer that fate in the current downturn.
Bahrain is working with the same five banks -- Bank ABC, BNP Paribas, Citigroup, HSBC and JP Morgan -- which arranged its $1.5 billion bond in November and the cancelled re-tap.