Qatar Islamic Bank plans dollar-denominated sukuk

Qatar Islamic Bank plans to issue a dollar-denominated Islamic bond, or sukuk, under its recently approved $1.5 billion sukuk program, lead arrangers said Wednesday. Deutsche Bank, HSBC, Standard Chartered and QInvest LLC are mandated for the sukuk, a document from the lead arrangers showed. No details were provided on the size of the issue. Investor meetings will begin Thursday in Kuala Lumpur and take in Singapore on Friday, before moving to Abu Dhabi and Dubai on Sept. 30. They will conclude in London on Oct. 1. The board of QIB approved the sukuk program earlier this month, paving the way for the first sale under it. The lender last tapped global debt markets with a $750 million sukuk on the last day of September 2010. The paper was yielding 2.13 percent on the bid side at 0750 GMT, having initially priced two years ago at 3.856 percent.