Chicago, Oct. 20 – Islamic Development Bank priced $1 billion in a 4.747% sukuk due Oct. 27, 2027 (Aaa/AAA/AAA) at par on Thursday, according to a sellside source.
IsDB Trust Services No.2 Sarl will be listed as the issuer.
The bonds priced with a spread of 62 basis points over the SOFR mid-swaps rate. Initial price talk was in the mid-60s bps over SOFR mid-swaps. On Thursday, the price was guided into the SOFR mid-swaps plus 65 bps area.
Books went above $1.7 billion.
The joint lead managers are BNP Paribas, Credit Agricole CIB, Dukhan Bank, Goldman Sachs International, Islamic Corp. for the Development of the Private Sector, JPMorgan, Mizuho, SNB Capital and Standard Chartered Bank (billing and delivery).
The Regulation S Islamic bonds will be listed on Euronext Dublin and Nasdaq Dubai.
The issuer is a Jeddah, Saudi Arabia-based lender.
| Issuer: | IsDB Trust Services No.2 Sarl
|
| Obligor: | Islamic Development Bank
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| Amount: | $1 billion
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| Issue: | Senior sukuk
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| Maturity: | Oct. 27, 2027
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| Bookrunners: | BNP Paribas, Credit Agricole CIB, Dukhan Bank, Goldman Sachs International, Islamic Corp. for the Development of the Private Sector, JPMorgan, Mizuho, SNB Capital and Standard Chartered Bank (billing and delivery)
|
| Coupon: | 4.747%
|
| Price: | Par
|
| Yield: | 4.747%
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| Spread: | SOFR mid-swaps plus 62 bps
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| Trade date: | Oct. 20
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| Settlement date: | Oct. 27
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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
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| Price talk: | SOFR mid-swaps plus mid-60s bps area, then guided to SOFR mid-swaps plus 65 bps area
|
| ISIN: | XS2545634557
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