Islamic Development Bank taps bookrunners, plans roadshow for sukuk

By Christine Van Dusen

Atlanta, Oct. 4 - Saudi Arabia's Islamic Development Bank has mandated CIMB, Citigroup, HSBC and Standard Chartered for a benchmark-sized dollar-denominated sukuk issue, a market source said.

The Regulation S offering will be marketed on a roadshow from Oct. 12 to Oct. 20 in Riyadh, Singapore, Dubai, Abu Dhabi, Zurich, Geneva and London.

Proceeds will be used to increase lending to member states coping with the economic crisis.

Islamic Development Bank is a Jeddah-based financial institution created to help economic development in 56 member countries.

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