Bahrain Mumtalakat Holding Company ("Mumtalakat"), the sovereign wealth fund of the Kingdom of Bahrain, successfully issued a $750 million five year RegS Eurobond on Wednesday 23rd June.
As the first issuer from the MENA region since the European sovereign debt crisis, Mumtalakat effectively re-opened the regional debt capital markets, and established a solid corporate benchmark for the Kingdom of Bahrain.
The transaction priced at the tight end of guidance after generating a substantial order book of $3.25bn (over 4x oversubscribed) with significant demand from all regions.
Transaction Highlights:
- The issuance is also the first benchmark corporate USD Eurobond out of the Kingdom of Bahrain
- A six day roadshow covering Asia, the Middle East and Europe resulted in a large and diversified orderbook
- Final pricing: Mid swaps + 300 bps
- The issuance achieved a well balanced distribution: 37% allocation to the Middle East; 36% to Europe; 20% to Asia; and 7% to US Offshore investors. Fund managers picked up 44%; banks 22%; retail investors were allocated 20%, and others 14%
- HSBC acted as Joint Lead Manager and Bookrunner, along with Deutsche Bank, JP Morgan and Standard Chartered bank.
-Ends-
HSBC Bank Middle East Limited (HSBC)
HSBC is the largest and most widely represented international bank in the Middle East. HSBC Bank Middle East Limited has 53 branches throughout the United Arab Emirates, Oman, Bahrain, Qatar, Kuwait, Jordan, Lebanon, Pakistan, Algeria and the Palestinian Autonomous Area. In addition to the branch network the Bank maintains representative offices in Tehran, Iran and Tripoli, Libya. This extensive regional coverage is strengthened by another member of the HSBC Group, HSBC Bank Egypt SAE; and by its associated companies; HSBC Saudi Arabia Limited; SABB Securities Limited; SABB Takaful Co.; and Dar Es Saalam Investment Bank.
Further information:
Tim Harrison
+971 4423 5632
tim.harrison@hsbc.com
© Press Release 2010
