Kuwait plans dollar bond sale as final terms may be set later Wednesday

Kuwait is planning to issue U.S. dollar-denominated bonds on Wednesday, according to people familiar with the matter cited by BlockBeats. The country has hired banks including Goldman Sachs Group and Citigroup to arrange a three-part deal with three-year, five-year, and 10-year maturities. Final terms, including the size of the offering and pricing, could be announced later on Wednesday. The report said Kuwait has come under daily missile and drone attacks from Iran over the past two weeks. It described Kuwait as a key U.S. ally in the Middle East and one of the world’s wealthiest countries due to its large oil reserves. At the same time, the country’s economy has faced heavy strain this year. In April, Goldman Sachs analysts estimated Kuwait’s fiscal deficit had climbed to an annualized level of nearly 40%. The report also said the closure of the Strait of Hormuz forced Kuwait to halt most of its oil exports. The item was attributed to Jin10.