UAE banks helping Goldman Sachs launch sukuk

At least three UAE banks are helping investment bank Goldman Sachs arrange investor meetings for supposed dollar-denominated sukuk, sources said.

Goldman Sachs is preparing to issue benchmark-sized, US dollar-denominated sukuk with a wakala structure after announcing plans to meet fixed income investors, according to leads.

The investment bank picked itself, Abu Dhabi Islamic Bank, Emirates NBD, National Bank of Abu Dhabi and NCB Capital to arrange the investor meetings.

It plans to issue the sukuk through the JANY Sukuk Co vehicle after meeting investors in the Middle East on September 10 and 11, a document from lead managers said.