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Tuesday, 14 March 2017

Kuwait Pledges Prudent Borrowing After $8 Billion Debut Sale - Bloomberg

Kuwait Pledges Prudent Borrowing After $8 Billion Debut Sale - Bloomberg:

"Kuwait will be a “prudent” borrower after raising $8 billion in its first international bond sale at a lower price than other oil-rich Gulf Arab states seeking to plug budget deficits, a top government official said.

The OPEC member sold $3.5 billion in five-year notes at 75 basis points over similar-maturity U.S. Treasuries and $4.5 billion in 10-year bonds at a 100 basis-point spread, according to a person familiar with the deal who spoke on condition of anonymity. The offer attracted about $29 billion in bids, the person said, allowing Kuwait to sell at a lower rate than Qatar, Abu Dhabi and Saudi Arabia offered last year, data compiled by Bloomberg show.

“We had strong demand from the U.S., strong demand from MENA, strong demand from Europe,” deputy Prime Minister Anas al-Saleh said in a phone interview late on Monday from London. “We will continue to be a rational, prudent borrower, making sure that we maintain our current credit rating and the successful secondary performance of the existing issue.”"

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