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Majid Al Futtaim eyeing 5-year benchmark bond

UAE’s Majid Al Futtaim Holding, the sole franchisee of French hypermarket chain Carrefour in the Gulf, is eyeing a five-year benchmark-sized bond, a senior company executive said on Thursday.

“It would be a benchmark transaction, but we are not looking at a very big value at all,” Daniele Vecchi, senior vice president for treasury at MAF Group told Reuters.

He did not specify an amount for the bond sale but benchmark bond issues are typically at least $500 million.

The developer and operator of malls set up a $2 billion global bond programme earlier this month and hired Barclays, Credit Agricole, HSBC and Standard Chartered to arrange global roadshows. The investor meetings are expected to conclude next week.

“Investors prefer a five-year bond and this works for us too,” he added.

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