Islamic Development Bank Picks Banks For Potential Sukuk

Islamic Development Bank (IDB) has picked seven banks to arrange meetings with fixed income investors ahead of a potential sukuk issue, a document from lead managers said on Tuesday.

IDB will hold roadshows in the Middle East and Asia commencing February 23, with a dollar-denominated Islamic bond to follow subject to market conditions, the document said.

The banks arranging the meetings are CIMB, Commerzbank, First Gulf Bank, HSBC, Natixis, National Bank of Abu Dhabi and Standard Chartered.

The AAA-rated bank last sold a sukuk in May, when it priced a $1 billion five-year Islamic bond with a profit rate of 1.535 per cent.