April 30, 2018 / 1:23 PM / a year ago

Islamic Development Bank considers debut euro-denominated sukuk

DUBAI, April 30 (Reuters) - Saudi Arabia’s Islamic Development Bank (IDB) has hired banks to explore the possibility of a euro-denominated sukuk issue, sources familiar with the matter said.

Should it go ahead, the sukuk would be the multilateral development bank’s first euro-denominated public debt sale.

IDB will start meeting fixed-income investors in Europe on May 7. Citigroup, Credit Agricole and Societe Generale have been hired to arrange the meetings ahead of the potential deal, the sources said.

The planned Islamic bonds would have a maturity ranging between five and 10 years.

The bank did not immediately respond to a request for comment.

IDB is a regular issuer of international Islamic bonds, which it raises to fund its business activities and to promote the international sukuk market by building a liquid sukuk yield curve.

The triple A rated Jeddah-based bank issued its latest international sukuk in March, when it raised $1.25 billion. (Reporting by Davide Barbuscia; Editing by Mark Potter)

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