Dubai: The Islamic Development Bank (IDB) has appointed nine banks to arrange a new Islamic bond issue likely to be in excess of $1 billion (Dh3.67 billion), banking sources said.
The Jeddah-based financial institution has mandated Boubyan Bank, Credit Agricole, Gulf International Bank, JP Morgan, Mizuho, Natixis, NBAD, RHB and Standard Chartered for a five-year debt issue, said the sources.
Islamic Development Bank could not immediately be reached for comment.
The mandate was given at the end of last week, said one of the sources, who added that the notes would be sold after the US elections on November 8. IBD representatives were in the UAE this week to meet investors, he added.
IDB, rated AAA by Moody’s, Standard & Poor’s and Fitch, sold its last US dollar-denominated sukuk in March. That issue, of $1.5 billion, offered 50 basis points over midswaps and was priced at par at 1.775 per cent.
