Bahrain Mumtalakat Plans 5-Year Dollar Bond - Source

22nd Jun 2010 10:01

By Clare Connaghan Of DOW JONES NEWSWIRES LONDON (Dow Jones)--Bahrain Mumtalakat Holding Co., the Gulf state's $10 billion sovereign wealth fund, is planning to sell a five-year, dollar-denominated bond, a person familiar with the situation said Tuesday. Price guidance for the deal has been set at low 300 basis points over midswaps, the person said. Mumtalakat is due to finish off fixed-income meetings in Germany and Switzerland Tuesday, having visited investors in Singapore, Hong Kong, Riyadh, Abu Dubai, Dubai and London. Deutsche Bank AG, HSBC Holdings PLC, JP Morgan Chase & Co. and Standard Chartered Bank arranged the meetings. Mumtalakat has a portfolio worth around $10 billion, 98% of which is invested mainly in stakes across state-owned companies and other private investments, and 2% of which is allocated to external fund managers. Rating agencies Standard & Poor's Corp. and Fitch Ratings have assigned the upcoming bonds an expected A rating. -By Clare Connaghan, Dow Jones Newswires; +44 (0) 20 7842 9496; [email protected] Copyright (c) 2010 Dow Jones & Company, Inc. (END) Dow Jones Newswires June 22, 2010 05:01 ET (09:01 GMT)