Saudi-based Islamic Development Bank talks dollar benchmark sukuk at mid-swaps plus 40 bps

By Christine Van Dusen

Atlanta, Oct. 19 - Saudi Arabia's Islamic Development Bank set price guidance for its dollar-denominated sukuk issue of benchmark-sized notes at mid-swaps plus 40 basis points, a market source said.

CIMB, Citigroup, HSBC and Standard Chartered are the bookrunners for the Regulation S transaction, which is being marketed on a roadshow until Oct. 20 and expected to price soon after.

Proceeds will be used to increase lending to member states coping with economic crisis.

Islamic Development bank is a Jeddah, Saudi Arabia-based financial institution created to help economic development in 56 member countries.

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