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Funds News

Islamic Development Bank hires banks for dollar sustainability sukuk - document

DUBAI, March 22 (Reuters) - Jeddah-based Islamic Development Bank has hired a group of banks to arrange an issuance of five-year U.S. dollar denominated sustainability sukuk, or Islamic bonds, a document showed on Monday.

Citi, HSBC, Goldman Sachs, Natixis, Societe Generale, Standard Chartered and Warba Bank will arrange investor calls starting on Monday, the document from one of the banks showed.

A benchmark issuance, which usually means at least $500 million, will follow, subject to market conditions. (Reporting by Yousef Saba; Editing by Alison Williams)

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