Bahrain sovereign fund deal attracted an order book of more than $3.25bn
Bahrain sovereign wealth fund Mumtalakat has completed the issue of a $750m bond, priced at 300 basis points above the mid-swap rate, the middle point between bids and offers on benchmark bonds.
The deal attracted an order book of more than $3.25bn, according to the UK’s HSBC, which acted as one of the bookrunners on the deal, along with Germany’s Deutsche Bank, the US’ JP Morgan and the UK’s Standard Chartered.
Investors from across the region bought into the issue, with 37 per cent of the deal sold in the Middle East, 36 per cent in Europe, 20 per cent in Asia, and 7 per cent to US offshore investors.
The bond is the first to be issued by Mumtalakat and has a five-year tenor. The fund will use part of the proceeds to refinance existing debt.
In late March, Bahrain issued a sovereign bond of $1.25bn that had a tenor of 10 years and was priced at between 200 to 210 basis points above the mid-swap rate.
You might also like...
Saudi Arabia seeks K9 PPP project interest
25 April 2024
Kuwait reviews 1.1GW solar prequalifications
25 April 2024
LIVE WEBINAR: Abu Dhabi Oil & Gas 2024
25 April 2024
Qiddiya tenders site office package
25 April 2024
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.