Nogaholding, the investment arm of Bahrain's National Oil and Gas Authority (NOGA), has approached banks with the aim of setting up an international bond programme, sources close to the situation said on Sunday.
A potential fund-raising exercise by the Bahraini company in the international debt markets would come at a busy time for the Gulf, as banks, corporates and governments seek to borrow U.S dollars to offset the negative impact of lower oil prices.
The holding company for oil and gas assets owned by Bahrain's government plans to appoint a global co-ordinator to help it arrange the programme, which would be followed by bond issuues after Nogaholding obtained a credit rating, the sources said. A spokeswoman for Nogaholding declined to comment.