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(Bloomberg) –
Bahrain has begun trading a three-dollar bond to cover one of the world’s largest budget deficits.
Gulf Nation sells seven-year reference Islamic bonds, as well as traditional 12- and/or 30-year debt, according to a user close to the case, which is not legal to speak in public and has requested not to be identified. Benchmark means the equivalent of at least $500 million.
Bank ABC, Citigroup Inc, Gulf International Bank BSC, HSBC Holdings Plc, National Bank of Bahrain BSC and Standard Chartered Plc are the main managers of the sale and will be placing a call to investors on Tuesday.
The announcement marks the kingdom’s return to the foreign debt market for the first time since May and continues to sell Dubai bonds for $2 billion after a six-year absence from the government bond market.
In May, Bahrain sold $2 billion in 10-year notes and Islamic securities at 4. 5 years, the country with the lowest rating on selling dollar bonds since the covid-19 pandemic’s market breakup.
Bahrain is under fiscal pressure despite a pledged $10 billion bailout through its wealthiest neighbors in smaller 2018. La of the economies of the six members of the Gulf Cooperation Council, Bahrain is on the way to accumulating a deficit that international projects The Monetary Fund will be among the world’s 10 this year with 15. 7% of gross domestic product.
Yields on US bonds to Australia have fallen to traditionally low levels because the pandemic forced central banks to hand over billions of dollars in unconventional financial policy systems to economies. to the lowest point since its price in May.
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