* Islamic Development Bank eyes potential dollar sukuk
* Names 5 banks to arrange investor meetings, scheduled June
* Sukuk sales viable despite global volatility
DUBAI, June 6 (Reuters) - Saudi-based Islamic Development
Bank (IDB) picked five banks to arrange roadshows
ahead of a potential dollar-denominated Islamic bond, or sukuk,
which would be its first trade in over a year, lead arrangers
said on Wednesday.
The supranational bank mandated BNP Paribas, CIMB
, HSBC, National Commercial Bank
and Standard Chartered to arrange the meetings and to
act as bookrunners on the sukuk, which will print subject to
Qatar's Barwa Bank is also involved in the potential trade
as a lead manager.
Demand for sukuk has remained resilient in the face of
volatile global markets which have closed out conventional
issues from emerging market names due to a dedicated investor
base which has significant liquidity to deploy.
Banque Saudi Fransi and Dubai Islamic Bank
have completed well-oversubscribed transactions in
IDB's chairman, Ahmad Mohamed Ali, told Reuters last month
the bank planned to issue $500 million to $1 billion of
five-year sukuk in June.
Roadshows will commence in Riyadh on June 10, before taking
in Kuala Lumpur on June 12, Singapore on June 13 and conclude in
London on June 18.
IDB, rated AAA by the three main ratings agencies, last came
to the market in May 2011, when it priced a $750 million
five-year sukuk at a spread of 35 basis points over midswaps to
yield 2.35 percent. [ID: nLDE74H1NW]
(Reporting by David French; Editing by Praveen Menon)