US$500 million

PNG raises over a billion Kina in sovereign bond

Deputy Prime Minister and Treasurer, Charles Abel, announced this in Port Moresby on Friday following a marketing roadshow overseas.

Abel welcomed the successful outcome of the bond issue which will be used to retire high cost short term domestic debt, convert short term debt t longer term, bring in foreign exchange and fund expenditure per the 2018 budget.

The Deputy Prime Minister said the 10 year bond raised K1.57 billion at 8.375, oversubscribed by 600 per cent.