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IDB picks banks for $500m sukuk sale

Jeddah, May 18, 2013

Islamic Development Bank, a Jeddah-based multilateral institution, has picked eight banks to arrange a series of meetings with fixed income investors ahead of a potential sukuk issue, said lead managers.

The AAA-rated bank will host roadshows in the Middle East, Asia and Europe from May 25, with a dollar-denominated benchmark sukuk issue to follow the meetings, subject to market conditions, the document from lead managers said.

Benchmark size transactions are at least $500 million in size.

Banks arranging the meetings are Qatar's Barwa Bank, Credit Agricole, CIMB, National Bank of Abu Dhabi , Natixis, NCB Capital - the investment banking arm of Saudi's National Commercial Bank, Royal Bank of Scotland and Standard Chartered.-Reuters




Tags: sukuk | Islamic Development Bank |

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