File photo: A branch of Sharjah Islamic Bank. Image Credit: Gulf News Archives

DUBAI: Sharjah Islamic Bank (SIB) said it has appointed banks to arrange investor meetings ahead of the issuance of a US dollar-denominated sukuk.

SIB has mandated Citi, HSBC and Standard Chartered Bank as Joint Global Coordinators and Joint Structuring Agents for a benchmark size T1 sukuk issuance. The instruments are priced following a book building process and meetings with international investors which include fund managers, financial institutions, private banks and others, according to the bank.

Abu Dhabi Islamic Bank, Bank ABC, Citi, Deutsche Bank, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, KFH Capital, and Standard Chartered Bank are the Joint Lead Managers and Joint Bookrunners for the offering.

“The SIB officials will meet key investors in various locations by conducting investor presentations or roadshows. At present, the bank is conducting roadshow meetings in Singapore, Hong Kong and London,” Mohammad Abdullah, CEO of Sharjah Islamic Bank, said.

“We are receiving strong demand on this transaction since the beginning of the roadshow. With this issuance, we seek to strengthen our capitalisation ratios, particularly the bank’s Tier 1 core capital, to spur the growth of the bank through the benchmark fixed-rate resettable USD Regulation S Additional Tier 1 perpetual non-call six-year unrated sukuk,” Ahmed Saad, DCEO of Sharjah Islamic Bank said.