April 10, 2019 / 8:09 AM / 3 months ago

Islamic Development Bank hires banks for dollar sukuk

DUBAI, April 10 (Reuters) - The Islamic Development Bank (IsDB) has hired banks to arrange a series of fixed income investor meetings in London on April 15 as it considers issuing five-year sukuk, or Islamic bonds, a document issued by one of the banks showed.

The Jeddah-based triple A-rated institution has appointed Credit Agricole CIB, Emirates NBD Capital, Gulf International Bank, HSBC, JPMorgan, Natixis and Standard Chartered as joint lead managers and bookrunners.

A benchmark deal might follow the meetings, subject to market conditions, according to the document. Benchmark bonds are generally worth at least $500 million. (Reporting by Davide Barbuscia; Editing by Kirsten Donovan)

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