Dubai’s Noor Bank picks banks for dollar-denominated sukuk issue

DUBAI: Dubai’s Noor Bank has picked seven banks to arrange investor meetings ahead of a potential Tier 1 dollar-denominated sukuk issue, a document from lead managers showed on Monday.

Citi and Standard Chartered were mandated as joint global coordinators, with those banks plus Dubai Islamic Bank, Emirates NBD Capital, First Gulf Bank, Noor Bank and Sharjah Islamic Bank also selected as joint lead managers, the document showed.

Noor Bank, rated A- by Fitch Ratings, will hold meetings with fixed income investors in the Middle East, Asia and Europe, starting on Tuesday, it said.

A dollar-denominated sukuk with a perpetual tenor could follow the roadshows, subject to market conditions, the document added. Dubai’s government owns 48 per cent of Noor Bank, according to the lender’s website.