(MENAFN- Khaleej Times) Dubai - Dubai Islamic Bank, or DIB, said on Tuesday that it picked eight banks to arrange roadshows from January 8 for a potential benchmark size dollar-denominated sukuk issue which will boost the bank's capital reserves.
If the sale goes ahead after the investor meetings, DIB will likely be the first bond deal from the Gulf region in 2015, after a lull in issuance for over a month as the plunging oil price soured market sentiment in the region, sending share prices lower and spreads on existing bonds wider.
Oil and gas production account for nearly half of economic output in the six Gulf Cooperation Council nations, some three-quarters of exports, and an even higher ratio of state revenues.
DIB, the largest Islamic bank in the UAE, has mandated HSBC and Standard Chartered as the joint structuring banks for the potential issue. Those two, as well as Al Hilal Bank, Emirates NBD, National Bank of Abu Dhabi, Noor Bank, Sharjah Islamic Bank and its own investment banking team, will arrange the roadshows, it said in a statement.
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