By Christine Van Dusen
Atlanta, Oct. 22 - Saudi Arabia's Islamic Development Bank priced a $500 million issue of 1.775% sukuk notes due Oct. 27, 2015 at par to yield mid-swaps plus 40 basis points, an informed market source said.
CIMB, Citigroup, HSBC and Standard Chartered were the bookrunners for the Regulation S transaction, which was talked to yield mid-swaps plus 40 bps.
Proceeds will be used to increase lending to member states coping with economic difficulty.
Islamic Development Bank is a Jeddah, Saudi Arabia-based financial institution created to help economic development in 56 member countries.
| Issuer: | Islamic Development Bank
|
| Amount: | $500 million
|
| Maturity: | Oct. 27, 2015
|
| Description: | Sukuk notes
|
| Bookrunners: | CIMB, Citigroup, HSBC, Standard Chartered
|
| Coupon: | 1.775%
|
| Price: | Par
|
| Yield: | 1.775%
|
| Spread: | Mid-swaps plus 40 bps
|
| Trade date: | Oct. 20
|
| Settlement date: | Oct. 27
|
| Distribution: | Regulation S
|
| Price talk: | Mid-swaps plus 40 bps
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
