Islamic Development Bank hires banks for green euro sukuk

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Jeddah

Jeddah-based Islamic Development Bank has appointed banks to arrange investor meetings ahead of a potential issue of euro-denominated “green” sukuk, or Islamic bonds, a document showed. The triple-A rated financial institution has hired Citi, First Abu Dhabi Bank, HSBC, LBBW, Natixis, Societe Generale and Standard Charted Bank as joint lead managers and bookrunners for the deal. Green bonds are a growing category of fixed-income securities and green sukuk could widen the appeal of Islamic bonds beyond traditional markets in Asia and the Middle East to include ethical investors in Western countries.—Reuters