The Jeddah-based Islamic Development Bank has picked nine banks for a potential US dollar-denominated Islamic bond issue, a document from the lead managers showed on Monday.
The AAA-rated IDB has mandated CIMB, Deutsche Bank, First Gulf Bank, GIB Capital, HSBC, Maybank, Natixis, National Bank of Abu Dhabi, and Standard Chartered Bank as joint bookrunners to arrange investor meetings in the Middle East, Europe and/sAsia starting on Thursday, it showed.
The IDB, which last issued $1 billion in five-year Islamic bonds in July, is looking to increase its issuance of sukuk, partly to raise its profile among international investors and to secure similar pricing levels to other development banks.
That sukuk issue was priced on July 17 and carried a 1.8118 per cent coupon at issue, underwritten by the IDB itself, according to Thomson Reuters data.
IDB will start its roadshows in Kuala Lumpur on Thursday, followed by Abu Dhabi and Dubai on Sunday, Scandinavia and Germany on Monday, Switzerland on Tuesday and London on Wednesday.
A potential Reg S sukuk offer may follow subject to market conditions, the document from lead managers said.