IsDB hires banks for dollar sustainability sukuk

Jeddah-based Islamic Development Bank has hired a group of banks to arrange an issuance of five-year US dollar denominated sustainability sukuk, or Islamic bonds. Citi, HSBC, Goldman Sachs, Natixis, Societe Generale, Standard Chartered and Warba Bank will arrange investor calls.

A benchmark issuance, which usually means at least $500 million, will follow, subject to market conditions.