Saudi-based Islamic Development Bank (IDB) has picked four banks to arrange investor meetings in Asia, the Middle East and Europe, a note from one of the arranging banks said.

HSBC, Standard Chartered, BNP Paribas and Deutsche Bank have been asked to arrange the meetings, which kick off on May 1, for the AAA-rated multilateral institution. The meetings begin in the UAE, the note was quoted as saying by our sister newspaper Gulf Daily News (GDN).

IDB raised $500 million from a sukuk, or Islamic bond, in October.