GLOBAL: Malaysia snagged yet another big foreign name into its Sukuk market, with the entry of Bahrain Mumtalakat Holdings Company’s 20-year, RM3 billion (US$959.35 million) facility.
In a statement, Mumtalakat said the issuance is part of its strategy to manage its long-term refinancing and debt maturity profile.
CIMB and Standard Chartered are joint leads for the transaction. Islamic Finance news understands that the firm is now in the midst of roadshows for the sale.
Mumtalakat, Bahrain’s sovereign wealth fund which manages its non-oil and gas related assets, announced the establishment of the RM3 billion Islamic medium-term notes program at the end of July 2012, after Mahmood Al Kooheji, its CEO, earlier in the month said that the firm had no plans to sell new debt; but instead seeks to extend repayments on existing debt and reducing its debt levels.
The firm’s debt outstanding includes a 5% US$750 million conventional bond issued in 2010.
Meanwhile, its Sukuk issuance, which was rated ‘AA2’ by Malaysian ratings agency RAM, marks one of Mumtalakat’s first fundraising exercises in Asia. In announcing the transaction, Mahmood noted that the Malaysian issuance represents an effort to further strengthen ties between Bahrain and Malaysia’s business communities, adding that the two countries have a history of engagement on a variety of economic and strategic fronts, while both are also leaders and innovators in Islamic finance.
As Sukuk issuances from the Middle East appear to be taking a breather during Ramadan, continued sales out of Malaysia look set to pick up the slack amid the lull.
See: http://redmoney.newsweaver.co.uk/hr92rt2qcx8h38rwoni3wx?email=true&a=6&p=26367415&t=21767055
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