Islamic Development Bank five-year sukuk offering talked at SOFR mid-swaps plus 60 bps area

Chicago, March 6 – Islamic Development Bank plans on offering a benchmark dollar-denominated sukuk due March 14, 2028 (Aaa/AAA/AAA), according to a market source.

Initial price talk is in the five-year U.S. SOFR mid-swaps plus 60 basis points area.

Pricing is expected on Tuesday for the Regulation S deal.

The joint lead managers handling the sale are BNP Paribas, Citi, Dukhan Bank, Emirates NBD Capital, HSBC, Islamic Corp. for the Development of the Private Sector, SMBC Nikko, Societe Generale and Standard Chartered Bank.

Standard Chartered Bank is handling billing and delivery.

Settlement will be March 14.

The certificates (ISIN: XS2589321020) will be listed in Dublin and Dubai.

The securities are being issued under a $25 billion trust certificate issuance program.

The issuer is a Jeddah, Saudi Arabia-based lender.

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