London: Kuwait picked six banks to advise on its first international debt sale as the Opec member joins other Gulf Arab monarchies shoring up public finances after the slump in oil prices.
Citigroup Inc, JPMorgan Chase & Co and HSBC Holdings Plc are working as lead managers on the sale, the people said, speaking on condition of anonymity because the information isn’t public. Deutsche Bank AG, Standard Chartered Plc and NBK Capital were also hired as advisers, they said.
Saudi Arabia, Qatar and Abu Dhabi raised more than $30 billion (Dh110 billion) from global bond markets last year to finance their budget deficits. The Kuwaiti government said in July it may raise as much as $10 billion from global debt markets.
Officials from JPMorgan, HSBC and Deutsche Bank declined to comment when contacted by Bloomberg News. Citigroup and Standard Chartered had no immediate comment and calls to NBK Capital during the weekend weren’t answered.
