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Tuesday, 7 March 2017

MIDEAST DEBT-Pricing of Kuwait debut foreign bond to approach Abu Dhabi debt | Reuters

MIDEAST DEBT-Pricing of Kuwait debut foreign bond to approach Abu Dhabi debt | Reuters:

"Kuwait's first public bond issue in the global market is set to price between Abu Dhabi government debt, long viewed as the gold standard in the Gulf, and Qatar, investors say.

Kuwait is issuing foreign debt because of low oil prices, which have slashed its export income. It has been slower than other Gulf states to cut wasteful spending and raise new revenues.

Its financial fundamentals are strong, however, due to its huge oil reserves, low cost of exploiting them and small population, analysts say. The International Monetary Fund projects Kuwait will be the only one of the six Gulf Cooperation Council States to run a fiscal surplus this year.

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