Islamic Development Bank to roadshow bond issue

30 August 2009

Roadshow will visit potential investors in the Middle East, Europe and Asia.

Jeddah-based The Islamic Development Bank (IDB) will begin an international roadshow to potential investors in a bond issue due to occur in September.

The roadshow will begin on 2 September and will visit investors in Saudi Arabia, Abu Dhabi, Europe and Asia, according to bankers close to the deal. The IDB has set up a programme to issue up to $6bn, but Mohammad Tariq, the bank’s treasurer told Reuters that an issue would be of a minimum size of $500m.

Bankers say though that given the success of previous Middle East bond issues this year the size is likely to be increased.

The UK’s HSBC, France BNP Paribas, Germany’s Deutsche Bank have been appointed lead arrangers on the deal, with Malaysia’s CIMB and Brunei Islamic Bank acting as co-arrangers. The deal will be strucutred as a sukuk.

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