Dubai Islamic Bank Picks Arrangers For Potential Tier 1 Sukuk

The Islamic lender has mandated HSBC and Standard Chartered as the joint structuring banks.



Dubai Islamic Bank said on Tuesday it picked eight banks to arrange fixed income investor meetings from Thursday for a potential benchmark size dollar-denominated capital-boosting sukuk issue.

DIB, the largest Islamic bank in the United Arab Emirates, has mandated HSBC and Standard Chartered as the joint structuring banks.

Those two banks, as well as Al Hilal Bank, Emirates NBD , National Bank of Abu Dhabi, Noor Bank, Sharjah Islamic Bank and its own investment banking team will arrange the roadshows, it said in a statement.

The investor meetings will be held in Asia, the Middle East, and Europe and a sukuk transaction which enhances its Tier 1, or core, capital may follow subject to market conditions, it said.