Sovereign wealth fund Mubadala is moving forward with its maiden10-year benchmark-sized USD denominated sukuk issuance, appointing banks to advise on the transaction, Reuters reports, citing a document seen by its staff. Mubadala will issue the sukuk through its subsidiary, Mamoura Diversified Global Holding (MDGH), as part of MDGH Sukuk Limited's newly established trust certificate issuance program.

Where things stand on the issuance: Banks began holding investor meetings from yesterday, paving the way for the issuance.

Advisors: Our friends at HSBC, alongside Abu Dhabi Commercial Bank (ADCB) and First Abu Dhabi Bank (FAB), are global coordinators for the issuance. Abu Dhabi Islamic Bank, BOFA Securities, Citi, Emirates NBD Capital, Mitsubishi UFJ Financial Group, and Standard Chartered Bank were selected as the joint lead managers and bookrunners for the issuance.

REFRESHER- Mubadala has been planning to launch its first USD-denominated sukuk issuance this month, aiming to raise USD 1 bn. The move comes as part of its strategy to capitalize on heightened investor interest in Islamic debt instruments, following the success of similar offerings by Saudi Arabia's Public Investment Fund (PIF), which recently raised USD 2 bn in a sukuk offering.

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