Jafza eyeing new $500m Islamic bond

Dubai’s Jebel Ali Free Zone, or Jafza, has picked seven banks to arrange a new Islamic bond, lead managers said on Friday, with at least $500 million likely to be raised to part-repay the firm’s 2012 sukuk obligation. Jafza mandated Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Citigroup, Dubai Islamic Bank, Emirates NBD, National Bank of Abu Dhabi and Standard Chartered to arrange a series of roadshows, a document from the lead banks said. The investor meetings will begin on June 5 in the UAE and then take in Singapore and Hong Kong on June 7 and 8, respectively. Two days of roadshows will also be held in London on June 11 and 12. A benchmark-sized sukuk will be issued subject to market conditions, the document added. Benchmark-sized is understood as at least $500 million.