IDB picks banks for investor meetings

Saudi-based Islamic Development Bank (IDB) has picked four banks to arrange investor meetings in Asia, the Middle East and Europe, a note from one of the arranging banks, seen by Reuters, said. HSBC, Standard Chartered, BNP Paribas and Deutsche Bank have been asked to  arrange the meetings, which kick off on May 1, for the AAA-rated multilateral institution.
The meetings begin in the United Arab Emirates on Sunday.

The Islamic Development Bank raised $500 million from a sukuk, or Islamic bond, in October.

An anticipated surge in bond issues from the Gulf Arab region has failed to materialise as a wave of anti-government protests sweep the Middle East. Issuance so far this year has been limited mainly to government-linked and high-rated bonds.

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