March 21, 2016 / 6:26 AM / 4 years ago

Islamic Corp for Development of Private Sector announces sukuk plan

DUBAI, March 21 (Reuters) - Islamic Corporation for the Development of the Private Sector (ICD) has chosen ten banks to arrange a series of meetings with fixed income investors ahead of a potential sale of sukuk, a document from lead arrangers showed on Monday.

The unit of Islamic Development Bank will roadshow in Asia, Europe and the Middle East commencing on Mar. 23, with a dollar-denominated sukuk of benchmark size to be issued after the meetings, subject to market conditions.

Benchmark size is traditionally understood to mean in excess of $500 million.

Bank ABC, Boubyan Bank, CIMB, Dubai Islamic Bank, Emirates NBD, First Gulf Bank, HSBC, Mizuho, Societe Generale and Standard Chartered are the chosen arrangers of the meetings and potential sukuk issue, the document added.

Reporting by Archana Narayanan; Writing by David French; Editing by Shri Navaratnam

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