Kuwait’s Boubyan Bank has started marketing five-year U.S. dollar-denominated sukuk, or Islamic bonds, at around 150 basis points (bps) over mid-swaps, a document showed.

HSBC and Standard Chartered were hired as joint global coordinators for the deal. Bank ABC, Boubyan Capital, First Abu Dhabi Bank, Islamic Corporation for the Development of the Private Sector, KFH Capital, Kuwait International Bank and Warba Bank are also involved in arranging the deal, the document said.

Boubyan Bank met fixed income investors in Dubai and London ahead of the potential benchmark debt sale, which is expected to close later on Tuesday.

Benchmark bonds are generally meant to be upwards of $500 million.

Source Reuters