DUBAI, April 2 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
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
(Reporting by David French; Editing by Dinesh Nair)