Bahrain’s Mumtalakat Has no Plans to Sell New Debt, Alayam Says

Bahrain Mumtalakat Holding Co. BSC, the Island-Kingdom’s sovereign wealth fund, doesn’t plan to sell new debt at the moment, Alayam reported, citing chief executive officer Mahmood Al Kooheji.

The fund, which manages $8.8 billion in assets, will seek to extend the repayment period on existing debt and focus on reducing debt levels, Al Kooheji told the Bahraini newspaper.

The company raised $750 million from the sale of bonds in 2010. The yield on the 5 percent notes maturing June 2015 has fallen 97 basis points this year to 4.77 percent on July 20, according to data compiled by Bloomberg.