Bahrain’s government has selected banks for a planned international bond issue, sources familiar with the matter said on Wednesday.
BNP Paribas, Citi and JPMorgan have been chosen to arrange the transaction, along with Gulf International Bank and National Bank of Bahrain, the sources said.
Bahrain’s central bank did not immediately respond to a request for comment.
The government is covering a budget deficit caused by low oil prices partly through international borrowing, and officials said on Tuesday that it would return to the debt markets soon to raise money.
The same five banks helped to arrange $3 billion of bond issues by Bahrain in September last year, including $1.25 billion of 12-year notes, $900 million with a 30-year tenor and an $850 million Islamic bond.
Bahrain selects banks for planned international bond issue