By William Gullotti
Buffalo, N.Y., Dec. 20 – Islamic Development Bank priced a $150 million add-on to its $1.75 billion five-year sukuk offering with a 4.906% profit rate (Aaa/AAA/AAA), according to a final term sheet on Wednesday.
The additional certificates priced at 101.687 and will be consolidated to form a single series with the initial sukuk offering on Jan. 29, 2024.
Natixis served as the dealer for the tap offering of Regulation S certificates.
Proceeds will be used for general corporate purposes.
As with the initial offering, IsDB Trust Services No.2 Sarl is technically the issuer.
Pre-consolidation listings for the certificates became effective in Dublin and Dubai on Dec. 18.
The issuer is a Jeddah, Saudi Arabia-based lender.
Issuer: | IsDB Trust Services No.2 Sarl
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Obligor: | Islamic Development Bank
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Amount: | $150 million
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Issue: | Sukuk
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Maturity: | Oct. 3, 2028
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Dealer: | Natixis
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Coupon: | 4.906%
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Price: | 101.687 plus 75 days' accrued profit from, and including, Oct. 3
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Yield: | 4.906%
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Pricing date: | Dec. 14
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Issue date: | Dec. 18
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Consolidation date: | Jan. 29, 2024
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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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ISINs: | XS2736488284 (temporary, pre-consolidation), XS2679288519
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Total issue size: | $1.9 billion, including $1.75 billion issued Oct. 3
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