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islamic financeApril 19, 2022

Jeddah-based Islamic Development Bank hires banks for 5-year dollar sukuk

The Jeddah-based Islamic Development Bank has hired a group of banks to arrange the sale of five-year US dollar-denominated sukuk, or Islamic bonds, a document showed on Tuesday.

Citi, DIB, HSBC, KFH Capital, Natixis, SMBC Nikko, SNB Capital, Societe Generale and Standard Chartered will arrange investor calls starting on Tuesday, the document from one of the banks on the deal showed.

A five-year fixed-rate sukuk issuance will follow, subject to market conditions, the document said. It will be of benchmark size, which typically means at least $500 million.