By Rebecca Melvin
Concord, N.H., April 22 – Islamic Development Bank sold a $1.6 billion five-year Sukuk, or Islamic bond, (expected ratings: Aaa/AAA/AAA) on Thursday at SOFR mid-swaps plus 50 basis points, according to a market source.
Pricing was tightened from guidance in the SOFR mid-swaps plus 55 bps area and initial talk in the SOFR mid-swaps plus 60 bps area.
Citigroup, Dubai Islamic Bank, HSBC, KFH Capital, Natixis, SMBC Nikko, SNB Capital, Societe Generale and Standard Chartered Bank (billing and delivery) were the joint lead managers of the Regulation S deal, which was issued by IDB Trust Services No. 2 Sarl.
The reoffer price was not immediately known.
The lender is based in Jeddah, Saudi Arabia.
| Issuer: | IDB Trust Services No. 2 Sarl
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| Obligor: | Islamic Development Bank
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| Amount: | $1.6 billion
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| Issue: | Sukuk
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| Maturity: | April 28, 2027
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| Bookrunners: | Citigroup, Dubai Islamic Bank, HSBC, KFH Capital, Natixis, SMBC Nikko, SNB Capital, Societe Generale and Standard Chartered Bank (billing and delivery)
|
| Spread: | SOFR mid-swaps plus 50 bps
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| Pricing date: | April 21
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| Settlement date: | April 28
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| Ratings: | Moody’s: Aaa
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| S&P: AAA
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| Fitch: AAA
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| Distribution: | Regulation S
|
| Price guidance: | Guided to SOFR mid-swaps plus 55 bps area from initial talk of SOFR mid-swaps plus 60 bps area
|
| ISIN: | XS2470609798
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