Thursday, May 23, 2013
(This article was first published on Wednesday)
BEIRUT (Zawya Dow Jones)--The Islamic Development Bank said on Wednesday that it will launch soon a $1 billion Islamic bond, or sukuk.
The Saudi-based pan-Islamic bank said in a statement posted on its website: "The five-year offering is rated Triple A by each of the three major bond rating agencies Standard & Poor's, Moody's and Fitch, and will be dually listed on the London Stock Exchange and Bursa Malaysia."
Barwa Bank, BNP Paribas, CIMB, HSBC, NCB Capital, and Standard Chartered Bank will be joint lead managers for the issue, according to the statement.
"The benchmark $1 billion offering comes amid strong demand and limited supply of the highest quality fixed-income securities, in part because a number of large governments have recently lost their Triple A status. There has also been growing demand for Islamic-compliant investments," the bank said.
Write to Shikrallah Nakhoul at shikrallah@zawya.com
Copyright (c) 2013 Dow Jones & Co.
(END) Dow Jones Newswires
23-05-13 0325GMT
