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Bahrain’s Mumtalakat attracts over $3 bn in orders for $750 mn bond

Bonds assigned ‘A’ rating by S&P and Fitch Ratings.


June 25, 2010 10:40 by

Mumtalakat Holding Co. of Bahrain, the state’s sovereign wealth fund, has received orders exceeding $3 billion for its $750 mn bond, reported. Bank managers named in the deal include Deutsche Bank, HSBC Holdings, JP Morgan Chase, and Standard Chartered Bank.

According to HSBC, the bond fund comprises 37 percent bonds bought in the Middle East; 36percent in Europe; 20 percent in Asia and 7 percent by U.S. offshore funds. Analysts expect proceeds from the bond sale to go towards paying down debt in the kingdom.

Established in June 2006, Mumtalakat comprises a portfolio of 29 commercial enterprises from the Ministry of Finance, consisting of the strategic non-oil and gas related assets, that are significant contributors to the kingdom’s economy.


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