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08 January 2020
SUKUK

Bahrain’s Mumtalakat mulls US dollar-denominated Sukuk issuance

The deal could be the first international debt sale by an Arabian Gulf borrower this year.

Mumtalakat raised $600 million in Sukuk last year, having obtained orders of around $4 billion for the debt sale/Shutterstock

by Kudakwashe Muzoriwa

Bahrain’s Mumtalakat has hired banks to arrange fixed income investor meetings ahead of a potential US dollar-denominated Sukuk issuance.

The Kingdom’s sovereign wealth fund has hired Citi, Gulf International Bank as well as HSBC, National Bank of Bahrain and Standard Chartered for investor meetings in London, Asia and the Middle East.

The regional debt markets have weakened due to escalating geopolitical tensions but a Sukuk issuance might not be seen as a real test for issuers’ ability to access international debt buyers despite market volatility.

Rated BB- by Fitch Ratings, Mumtalakat, raised $600 million in Sukuk last year, having obtained orders of around $4 billion for the debt sale, reported Reuters.

 


RELATED STORIES: Sukuk National Bank of Bahrain Gulf International Bank Mumtalakat Standard Chartered

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