Mumtalakat to broaden benchmark sukuk universe

By Steven Gilmore
13 Nov 2014

Bahrain’s sovereign wealth fund Mumtalakat started a roadshow this week ahead of its first benchmark dollar sukuk. Investors are happy to see a new international sukuk issuer in the market, but are concerned that Mumtalakat's support for struggling airline Gulf Air will be a drain on resources.

BNP Paribas, Deutsche Bank, HSBC, Mitsubishi UFJ Financial and Standard Chartered are dealers for Mumtalakat Sukuk Holding Co’s $1bn multicurrency programme. The same banks are bookrunners on the new transaction — Mumtalakat’s first sukuk since a small ringgit deal in 2013 and its first ever dollar benchmark sukuk. ...

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