SIB appoints banks for T1 Sukuk

SHARJAH: Sharjah Islamic Bank (SIB), one of the leading Islamic financial institutions in the UAE, has appointed banks to arrange investor meetings ahead of the issuance of a US dollar-denominated Islamic bond, also known as Sukuk, the bank has announced.

SIB has mandated Citi, HSBC and Standard Chartered Bank as Joint Global Coordinators and Joint Structuring Agents for a benchmark size Tier 1 (T1) Sukuk issuance.

The instruments are priced following a book building process and meetings with international investors which include fund managers, financial institutions, private banks and others, according to the bank.

Abu Dhabi Islamic Bank, Bank ABC, Citi, Deutsche Bank, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, KFH Capital, and Standard Chartered Bank are the Joint Lead Managers and Joint Bookrunners for the offering.

“The SIB officials will meet key investors in various locations by conducting investor presentations or roadshows. At present, the bank is conducting roadshow meetings in Singapore, Hong Kong and London,” Mohammed Abdalla, CEO of Sharjah Islamic Bank said.

“We are meeting investors in Singapore and Hong Kong this week followed by meetings in London and look to price the transaction next week subject to market conditions” said Ahmed Saad, DCEO of Sharjah Islamic Bank.

We are receiving strong demand on this transaction since the beginning of the roadshow. With this issuance, we seek to strengthen our capitalisation ratios, particularly the bank’s Tier 1 core capital, to spur the growth of the bank through the benchmark fixed-rate resettable USD Regulation S Additional Tier 1 perpetual non-call six-year unrated sukuk, Ahmed Saad added.

Business Bureau, Gulf Today