Sovereign fund mumtalakat last week set up a USSlbn euro medium-term note programme and a US$1bn sukuk programme, and has already mandated banks for a bond deal, according to sources. Despite being an arranger and a dealer on the programmes, HSBC is not part of the mandate, the sources said. HSBC is arranging both programmes, and is a dealer alongside BNP Paribas, Deutsche Bank, MUFG and Standard Chartered.
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