Bahrain’s Mumtalakat starts marketing dollar sukuk

The five-year maturation sukuk is expected to have an initial yield of 6.25 percent. (AFP)
Updated 20 February 2019

Bahrain’s Mumtalakat starts marketing dollar sukuk

  • Several international banks will handle the transaction
  • The bond is expected to be at least $500 million

DUBAI: Bahrain’s sovereign wealth fund Mumtalakat started marketing its planned five-year US dollar Islamic bonds, or sukuk, with an initial yield guidance of around 6.25 percent, a document issued by one of the banks leading the deal showed.
The sukuk, which is expected to price later on Wednesday, will be of benchmark size, which generally means upwards of $500 million.
BNP Paribas, Citi, HSBC, National Bank of Bahrain and Standard Chartered Bank have been hired to arrange the transaction.


US President Trump does not want to do business with China’s Huawei

Updated 19 August 2019

US President Trump does not want to do business with China’s Huawei

  • US Commerce Department expected to extend a reprieve that permits Huawei to buy supplies from US companies to service its customers

WASHINGTON: US President Donald Trump on Sunday said he did not want the United States to do business with China’s Huawei even as the administration weighs whether to extend a grace period for the company.
Reuters and other media outlets reported on Friday that the US Commerce Department is expected to extend a reprieve given to Huawei Technologies Co. Ltd. that permits the Chinese firm to buy supplies from US companies so that it can service existing customers.
The “temporary general license” will be extended for Huawei for 90 days, Reuters reported, citing two sources familiar with the situation.
On Sunday, Trump told reporters before boarding Air Force One in New Jersey that he did not want to do business with Huawei for national security reasons.
He said there were small parts of Huawei’s business that could be exempted from a broader ban, but that it would be “very complicated.” He did not say whether his administration would extend the “temporary general license.”
Speaking earlier on Sunday, National Economic Council director Larry Kudlow said the Commerce department would extend the Huawei licensing process for three months as a gesture of “good faith” amid broader trade negotiations with China.
“We’re giving a break to our own companies for three months,” Kudlow said on NBC’s “Meet the Press.”