UAE's Majid Al Futtaim picks banks for sukuk

Majid Al Futtaim, rated BBB, is seeking to make a benchmark sukuk issue; benchmark usually means at least $500m

Majid Al Futtaim was planning a sukuk issue before the end of the year.
Majid Al Futtaim was planning a sukuk issue before the end of the year.

Dubai-based retail developer Majid Al Futtaim has picked five banks to arrange a global investor call on 26 October, 2015 (Monday), ahead of a potential 10-year, US dollar-denominated sukuk issue.

The firm has picked Abu Dhabi Islamic Bank, Dubai Islamic Bank, HSBC, National Bank Of Abu Dhabi and Standard Chartered to arrange the sukuk, a document from lead arrangers showed.

The announcement confirms a story by Reuters last week saying Majid Al Futtaim was planning a sukuk issue before the end of the year.

Majid Al Futtaim, rated BBB, is seeking to make a benchmark sukuk issue. Benchmark usually means at least $500m.

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