February 24, 2015 / 12:55 PM / 5 years ago

Islamic Development Bank picks arrangers for dollar sukuk offering

DUBAI, Feb 24 (Reuters) - Jeddah-based Islamic Development Bank (IDB) is set to meet fixed income investors starting Sunday ahead of a potential dollar-denominated sukuk transaction, a document from lead arrangers showed.

The AAA-rated IDB has picked nine banks to arrange investor meetings in the Middle East and Asia, it showed, adding a benchmark offering will follow, subject to market conditions. Benchmark size is traditionally understood to mean upwards of $500 million.

CIMB, Dubai Islamic Bank, GIB Capital, HSBC, Natixis, NCB Capital, National Bank of Abu Dhabi, RHB Islamic Bank and Standard Chartered have been chosen to arrange the sukuk sale, the document showed.

IDB, which last issued $1.5 billion in five-year Islamic bonds in September, is looking to increase its issuance of sukuk, partly to raise its profile among international investors and to secure similar pricing levels to other development banks. (Reporting by Archana Narayanan; Editing by David French)

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