Islamic Development Bank markets dollar five-year sukuk

By Rebecca Melvin

Concord, N.H., April 19 – Islamic Development Bank has selected banks and scheduled fixed-income investor calls regarding a planned U.S. dollar-denominated offering of five-year Islamic bonds or sukuk, according to a syndicate source on Tuesday.

The issuance will be priced under the lender’s $25 billion trust certificate issuance program, subject to market conditions.

Citigroup, DIB, HSBC, KFH Capital, Natixis, SMBC Nikko, SNB Capital, Societe Generale and Standard Chartered are joint lead managers and bookrunners for the Regulation S transaction.

A series of investor calls regarding the benchmark-sized deal starts on Tuesday.

The issuer is a Jeddah, Saudi Arabia-based lender.

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