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Qatar Islamic Bank plans to issue a dollar-denominated Islamic bond, or sukuk, under its recently approved $1.5 billion sukuk programme, lead arrangers said on Wednesday.
Deutsche Bank, HSBC, Standard Chartered and QInvest LLC are mandated for the sukuk, a document from the lead arrangers showed. No details were provided on the size of the issue.
Investor meetings will begin on Thursday in Kuala Lumpur and take in Singapore on Friday, before moving to Abu Dhabi and Dubai on September 30. They will conclude in London on October 1.
The board of QIB approved the sukuk programme earlier this month, paving the way for the first sale under it.
The lender last tapped global debt markets with a $750 million sukuk on the last day of September 2010. The paper was yielding 2.13 per cent on the bid side at 0750 GMT, having initially priced two years ago at 3.856 per cent.
The sale would be in accordance with Basel III banking rules and the final amount and currency of the offering would be decided by the board at a later date.
Credit agency RAM Ratings assigned preliminary ratings of AAA and AA1 to the proposed senior and subordinated sukuk.
The lender has received regulatory approval for the issue, which would help fund its expansion.
The issue would be part of a 500 million rial ($1.3 billion) sukuk programme which the bank's shareholders approved in March,