Published: November 4, 2012
Alternative investment house issues first dollar bond.
Bahrain's Investcorp Bank has raised US$250mn in its first dollar-denominated bond issuance.
The deal attracted some 95 global investors – private banks accounted for 60% and institutional investors for 40%. Investors backing the bond came from Europe (46%), the Middle East (27%), Asia (15%) and the US (12%).
Announcing the bond, Rishi Kapoor, Investcorp's chief financial officer, said: "The success of our first dollar-denominated public bond issue demonstrates the appeal of Investcorp's business model to a broad international debt investor base. Following on from our recent successful US$529mn loan financing in June, the bonds will add further flexibility and duration to our overall liquidity and funding profile and provide a robust platform for the pursuit of our business objectives over the medium term."
Bank of America Merrill Lynch, Citigroup, Credit Suisse, ING, JP Morgan and RBS were joint lead managers and bookrunners on the offering.