UAE's Sharjah Islamic Bank hires banks for dollar sukuk

The bank has appointed HSBC and Standard Chartered Bank as global coordinators

  
A trader holds prayer beads as he works at the Saudi Investment Bank in Riyadh. Image used for illustrative purpose.

A trader holds prayer beads as he works at the Saudi Investment Bank in Riyadh. Image used for illustrative purpose.

REUTERS/Fahad Shadeed/Files

DUBAI - United Arab Emirates' Sharjah Islamic Bank has hired banks to arrange a series of fixed income investor meetings ahead of a potential five-year senior unsecured sukuk denominated in U.S. dollars, a document from one of the banks showed.

The bank has appointed HSBC and Standard Chartered Bank as global coordinators and Bank ABC, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, Noor Bank, and Standard Chartered Bank as joint lead managers and bookrunners to arrange meetings in Asia and Britain starting from April 5.

Sharjah Islamic Bank, rated A3 by Moody’s, BBB+ by S&P, BBB+ by Fitch, will issue the Islamic bonds following the meetings, and subject to market conditions.

(Reporting by Davide Barbuscia, editing by Louise Heavens) ((Davide.Barbuscia@thomsonreuters.com; +971522604297; Reuters Messaging: davide.barbuscia.reuters.com@reuters.net))

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