Monday, 20 July 2009 at 16:40, Reuters
The Islamic Development Bank (IDB) will most likely delay a $500 million Islamic bond issue until early September, its treasurer said on Monday.
"The bank has not taken a decision yet but will most likely postpone the issuance until the first week of September as legal documents are not yet complete and due to the impending summer vacations," Mohammad Tariq told Reuters.
On July 8, Tariq had said IDB would decide within two weeks on a roadshow in the Middle East, Far East and Europe.
HSBC Plc, Deutsche Bank, and BNP Paribas are lead arrangers with Malaysia's CIMB and Brunei Islamic Bank co-arrangers for the sukuk.
The bank could raise the size of a $500 million Islamic bond depending on market conditions, Tariq said earlier this month.
The Saudi-based triple-A rated lender plans to issue the sukuk as part of a $6 billion Islamic bond programme to soften the impact of the financial downturn on its members, which include some of the world's poorest nations.
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