DUBAI: Noor Bank, the Dubai-based lender, plans to start roadshows next week for a benchmark-sized sukuk, according to a source familiar with the matter. A benchmark issue is usually around $500 million.
Citigroup, Deutsche Bank and Standard Chartered are arranging the issue, which will likely have a five year duration, the source said.
Activity in the Islamic bond market has been relatively brisk this month, with Dubai-based airline Emirates, Saudi Arabia’s Dar Al-Arkan Real Estate Development and the government of Sharjah all issuing sukuk. Most recently, Bahrain this week issued a $1 billion sukuk.
Since chief executive John Iossifidis joined Noor in April last year, the bank has undertaken a turnaround plan, including moving away from unsecured lending to small and medium-sized enterprises and shifting the focus of its retail business more toward affluent consumer clients.
The government of Dubai, members of the emirate’s ruling family and a select group of UAE nationals own 88.3 percent of the bank’s shares in aggregate, according to its website.
Citigroup, Deutsche Bank and Standard Chartered are arranging the issue, which will likely have a five year duration, the source said.
Activity in the Islamic bond market has been relatively brisk this month, with Dubai-based airline Emirates, Saudi Arabia’s Dar Al-Arkan Real Estate Development and the government of Sharjah all issuing sukuk. Most recently, Bahrain this week issued a $1 billion sukuk.
Since chief executive John Iossifidis joined Noor in April last year, the bank has undertaken a turnaround plan, including moving away from unsecured lending to small and medium-sized enterprises and shifting the focus of its retail business more toward affluent consumer clients.
The government of Dubai, members of the emirate’s ruling family and a select group of UAE nationals own 88.3 percent of the bank’s shares in aggregate, according to its website.
