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Islamic Development Bank mandates banks for sukuk issue

A man walks past the head office of Standard Chartered bank in the City of London February 27, 2015. Standard Chartered and four other banks have been nominated by IDB for dollar sukuk. REUTERS/Eddie Keogh

A man walks past the head office of Standard Chartered bank in the City of London February 27, 2015. Standard Chartered and four other banks have been nominated by IDB for dollar sukuk. REUTERS/Eddie Keogh

REUTERS/Eddie Keogh
By Davide Barbuscia

DUBAI, March 20 (Reuters) - The Islamic Development Bank has appointed banks for a potential U.S. dollar-denominated sukuk issue, banking sources said on Monday.

The Jeddah-headquartered financial institution has appointed eight banks to lead the transaction, one of the sources said. The group includes Emirates NBD, Goldman Sachs, Gulf International Bank, HSBC and Standard Chartered.

IDB officials could not immediately be reached for comment.

The triple A rated sharia-compliant lender issued a $1.25 billion sukuk last November. That sale was arranged by Boubyan Bank, Credit Agricole, Gulf International Bank, JP Morgan, Mizuho, Natixis, NBAD, RHB and Standard Chartered.

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IDB is a regular issuer of international sukuk to fund its business activities, enhance its profile among international investors and build a liquid sukuk yield curve, according to the bank's website.

(Editing by Andrew Torchia) ((Davide.Barbuscia@thomsonreuters.com;))
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