January 9, 2019 / 2:56 PM / 5 months ago

Dubai Islamic Bank hires banks in preparation for Islamic bonds issue

DUBAI, Jan 9 (Reuters) - Dubai Islamic Bank has hired a raft of lenders to arrange fixed income investor meetings ahead of a potential issuance of Islamic bonds, a document issued by one of the banks leading the deal showed on Wednesday.

The Tier 1 perpetual sukuk to be issued by the United Arab Emirates’ largest Islamic bank mimic some of the characteristics of equity because they lack a maturity date. The planned sukuk are non-callable for a six-year period, the document said.

Dubai Islamic Bank has hired Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, J.P. Morgan, KFH Capital, Sharjah Islamic Bank and Standard Chartered Bank to arrange the potential deal which will be of benchmark size, which normally means upwards of $500 million. (Reporting by Davide Barbuscia; Editing by Jan Harvey)

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