"Getting Hit by Iran Every Day": Unable to Withstand Economic Pressure, Kuwait Plans to Issue Dollar Bonds
BlockBeats News, July 22nd – Sources revealed that Kuwait is planning to issue a US dollar bond on Wednesday. Over the past two weeks, the country has faced daily missile and drone attacks from Iran. Kuwait has hired banks including Goldman Sachs and Citigroup to arrange a three-part deal for three, five, and ten-year maturities. Final terms, including bond size and pricing, may be announced later on Wednesday.
Kuwait is a key ally of the United States in the Middle East and benefits from its vast oil reserves, making it one of the wealthiest countries globally. However, due to frequent Iranian airstrikes on Kuwait in retaliation for US and Israeli strikes, the country's economy has come under significant strain this year.
In April, Goldman analysts estimated that Kuwait's fiscal deficit had soared to nearly 40% on an annualized basis as the country was forced to halt most of its oil exports due to the closure of the Strait of Hormuz. (FX Street)
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