Saudi Arabia-based Islamic Development Bank hired several banks for a new issuance of U.S. dollar-denominated sukuk, or Islamic bonds, which is expected to occur in September, Reuters reported, citing two sources familiar with the matter.
The hired banks include Emirates NBD Bank PJSC, Gulf International Bank BSC, Standard Chartered and HSBC, the report noted.
The transaction is expected to be more than $1 billion and could possibly even reach $1.5 billion, sources told the newswire.
In April, the bank was looking to issue five-year U.S. dollar-denominated sukuk and had appointed seven banks as joint lead managers and book runners.
