Bahrain's Mumtalakat hires banks for dollar sukuk

DUBAI, Feb 11 (Reuters) – Bahrain’s sovereign wealth fund Mumtalakat has hired banks to arrange fixed income investor metings ahead of a potential issue of five-year sukuk, or Islamic bonds, denominated in U.S. dollars, a document issued by one of the banks showed.

BNP Paribas, Citi, HSBC, National Bank of Bahrain and Standard Chartered Bank have been mandated as joint lead managers and joint bookrunners.

Subject to market conditions, the sukuk issue will be of benchmark size, which generally means upwards of $500 million.

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