Abu Dhabi's First Gulf Bank (FGB) has picked four banks for a five-year benchmark-sized Islamic bond, or sukuk, three sources said on Tuesday, the latest Gulf institution planning to tap financing from sharia-compliant investors.
The four banks which have been mandated are Citi, HSBC , National Bank of Abu Dhabi and Standard Chartered, the sources, who declined to be named as the information has not yet made public, said.
"It will be a $500 million, five-year sukuk and if the deal is done, it will be without roadshows," one of the sources familiar with the matter told Reuters. "Investors know the story of First Gulf Bank and do not need to meet again with the bank's management."
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