UAE's Majid Al Futtaim picks banks for 10-yr USD green sukuk | Reuters
Emirati retail conglomerate Majid Al Futtaim (MAF) has mandated banks for a possible 10-year benchmark-sized green Islamic bond, an indicative term sheet seen by Reuters on Monday showed.
Proceeds from the sukuk sale will go towards funding or refinancing eligible green projects under the company's green finance framework of 2019.
Benchmark-sized is typically understood to mean at least $500 million.
Citigroup, HSBC and Standard Chartered are joint global coordinators on the deal; they are joined as lead managers by Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Dubai Islamic Bank and First Abu Dhabi Bank.
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