Bahrain’s sovereign wealth fund Mumtalakat (BBB from S&P/Fitch) has hired banks to arrange fixed income investor meetings ahead of a potential issue of five-year sukuk, or Islamic bonds, denominated in U.S. dollars, a document issued by one of the banks showed.
BNP Paribas, Citi, HSBC, National Bank of Bahrain and Standard Chartered Bank have been mandated as joint lead managers and joint bookrunners.
Subject to market conditions, the sukuk issue will be of benchmark size, which generally means upwards of $500 million.
In late December 2018, Mumtalakat’s subsidiary Southern Tourism Comp (STC) acquired its 15th boat from H Al Dhaen Boats. The boat will be used to transport commercial clients and visitors to and from Hawar Islands. Mum holds a 90% stake in H Al Dhaen Boats.
Source Reuters