Qatar Islamic Bank hires banks ahead of dollar sukuk – IFR

Qatar Islamic Bank, the Gulf state’s largest sharia-compliant lender by assets, has hired banks ahead of a potential issue of U.S. dollar-denominated sukuk, or Islamic bonds, according to IFR, a fixed income news service.

The lender has appointed Barclays, Boubyan Bank, Credit Agricole, QInvest, QNB Capital and Standard Chartered as joint bookrunners to arrange fixed income investor meetings in Singapore, Hong Kong and London from March 14.

It is targeting a five-year senior unsecured sukuk sale.

Sources told Reuters in January that Qatar Islamic Bank, along with other Qatari lenders, was in talks with banks about a potential bond issue during the first quarter of this year.

The government of Qatar issued a mammoth $12 billion bond last week, providing a fresh pricing benchmark for Qatari borrowers planning to tap the debt market.

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