Dubai's Noor Bank to meet investors ahead of potential debut sukuk

Dubai's Noor Bank is planning to meet fixed income investors starting on Friday ahead of the potential sale of a debut Islamic bond issue, a document from lead arrangers showed.

The bank, which counts state funds Investment Corporation of Dubai and Dubai Holding among its owners, will meet investors in the Middle East, Asia and Europe starting on Friday.

A dollar-denominated sukuk of benchmark size may follow during the course of 2015, subject to market conditions, the document said. Traditionally, benchmark size is understood to mean upwards of $500 million.

Noor Bank chose Standard Chartered as global coordinator and Al Hilal Bank, Citigroup, Dubai Islamic Bank, Emirates NBD, Qinvest, and Sharjah Islamic Bank as joint lead managers for the sukuk issue, the document added.

The Dubai-based lender may conduct a benchmark-sized sukuk issue after setting up a $3 billion Islamic bond programme, it confirmed to Reuters earlier on Tuesday, with banking sources indicating the sale could happen as early as this month.

Follow Emirates 24|7 on Google News.