A banking document revealed today, Wednesday, that Shoba Real Estate, based in Dubai, has mandated banks to arrange a planned issuance of dollar-denominated sukuk, and will hold meetings with investors regarding the issuance. The document issued by one of the banks responsible for arranging the issuance indicated that Dubai Islamic Bank, Emirates NBD Capital, Mashreq, and Standard Chartered are the joint global coordinators, with Sharjah Islamic Bank joining as a co-lead manager.
These parties will arrange communications with global investors, followed by several individual calls with investors in fixed-income instruments from today, Wednesday, until Friday. This will be followed by the issuance of an unsecured sukuk with a 5-year maturity that is callable after 3 years, with a standard amount typically not less than $500 million, depending on market conditions.
