Bahrain raised US$3 billion, about 10 per cent of its economic output, in a three-part international bond sale that may help narrow a gap in its finances left by a more than 50 per cent drop in oil prices since 2014.
The Gulf kingdom, like other oil-exporting countries across the region, has made repeated use of international debt markets to bolster public budgets since energy markets slumped. Bahrain’s fiscal deficit reached 15 per cent of economic output last year.
The sale includes an $850 million Islamic bond, according to a person familiar with the deal who is not authorized to speak publicly. It also raised $1.25bn in 12-year notes and $900m due in 30 years, the person said.
Source Credit: The National
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