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Bahrain set to launch $500m sovereign bond
- Bahrain: Wednesday, May 01 - 2013 at 05:26
The government of Bahrain has selected banks for a sovereign bond issue, with proceeds likely to help the oil exporter plug a budget deficit this year, Reuters has reported, citing three sources familiar with the matter. Lenders picked for the issue include BNP Paribas, CitigrouP, JP Morgan Chase and GIB Capital, the investment banking arm of Gulf International Bank. "Bahrain has the weakest public finances of the oil producing states and the highest breakeven price by far," said Simon Williams, HSBC's chief economist for the region, referring to the price of oil. "Even at a $100 a barrel, I expect Bahrain to be running a budget shortfall this year."
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