DIB Said to Hold Meetings From May 17 for Possible Sukuk

Dubai Islamic Bank PJSC (DIB), the United Arab Emirates biggest bank complying with Islamic banking rules, will meet investors from May 17 for a possible benchmark-sized dollar sukuk sale, three people familiar with the details said.

The meetings will take place in Asia, the Middle East and Europe, they said, declining to be identified because the details are private. HSBC Holdings Plc (HSBA), National Bank of Abu Dhabi PJSC, Emirates NBD PJSC (EMIRATES), Deutsche Bank AG (DBK) and Dubai Islamic will help arrange the meetings, they said.

Fitch Ratings assigned Dubai Islamic’s $2.5 billion trust certificate issuance program a provisional A rating, its sixth- highest investment grade, it said in an e-mailed statement today. Moody’s Investors Service gave it a provisional Baa1 rating, three levels above junk.

Banque Saudi Fransi (BSFR), the Saudi bank part-owned by Credit Agricole SA (ACA), raised $750 million from the sale of five year Islamic bonds today, priced at 185 basis points over the benchmark midswap rate, four people familiar with the matter said.

To contact the reporter on this story: Stefania Bianchi in Dubai at sbianchi10@bloomberg.net Arif Sharif in Dubai at asharif2@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net

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