Abu Dhabi's Al Hilal Bank has picked three banks to arrange its debut Islamic bond, or sukuk, three sources familiar with the matter said on Monday, with the deal expected to emerge in the first quarter of 2012, one of them added.
Standard Chartered, HSBC and National Bank of Abu Dhabi have been mandated by unlisted Al Hilal for a benchmark-sized deal under a bond programme which could be worth up to $3 billion, one source with knowledge of the matter told Reuters.
The Islamic lender, wholly-owned by the Abu Dhabi Investment Council (ADIC), is in the process of getting ratings for the bank and the potential notes, and expects this to be completed before the year-end, said the source.
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