"Bahrain has picked four banks to arrange investor meetings ahead of a potential sovereign bond issue, a document from lead managers said on Monday, with proceeds likely to be used to plug an expected budget deficit for 2013.
The International Monetary Fund said in May that it was forecasting a fiscal shortfall of 4.2 percent this year, up from the 2.6 percent deficit reported by the Bahraini government for 2012.
In recent years, the Gulf Arab kingdom, which is not as blessed as its neighbours in terms of hydrocarbon reserves and relies on an oil field it shares with Saudi Arabia for some 70 percent of its budget revenue, has typically issued one international debt offering a year to help manage its finances."
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