Sharjah Islamic Bank picks banks for sukuk sale - lead
DUBAI, April 2
DUBAI, April 2 (Reuters) - Sharjah Islamic Bank has picked four banks to arrange meetings with fixed income investors ahead of a potential Islamic bond, or sukuk, issue, a lead manager said on Tuesday.
The lender chose Abu Dhabi-based Al Hilal Bank, HSBC , Kuwait's Liquidity Management House and Standard Chartered to lead the roadshows, which begin on Thursday and will take place in Asia and Europe.
A dollar-denominated, benchmark-sized sukuk may follow the meetings, subject to market conditions. Benchmark size is understood to mean at least $500 million.
The Abu Dhabi-listed bank last issued a dollar-denominated sukuk to international investors in 2011, when it printed a $400 million five-year sukuk. The issue was trading to yield 2.54 percent at a z-spread of 202.3 basis points at 0415 GMT.
The z-spread expresses relative value by calculating the number of basis points that need to be added to a zero-coupon yield curve to make the bond's discounted cash flows equal its present value. (Reporting by David French; Editing by Dinesh Nair)
- Obama and Castro shake hands, Zuma humiliated at Mandela memorial |
- Google bus blocked in San Francisco gentrification protest
- Reporter can keep sources secret in Colorado theater shooting: court
- Thai PM urges protesters to take part in election |
- U.S. regulators seek to curb Wall St. trades with Volcker rule