gulfnews : Majid Al Futtaim said to get $3b bids for bonds

Majid Al Futtaim Holding LLC received $3 billion (Dh11 billion) in bids for the $500 million bonds it sold today, according to a banker familiar with the transaction.
Investors from the UK made up 36 per cent of the bids, while 25 per cent were from Europe, 19 per cent from the Middle East and 20 per cent from Asia, said the banker, who asked not to be identified because the information is private. Fund managers bought 70 per cent, banks 16 per cent, private lenders 11 per cent and insurance companies 3 per cent, the banker said.
The debt of the Dubai-based private company was priced to yield 5.25 per cent, or 389.7 basis points over the benchmark midswap rate, the banker said. JPMorgan Chase & Co, National Bank of Abu Dhabi, Barclays, Standard Chartered and UBS AG managed the sale.

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