New Issue: Islamic Development Bank prices $1.3 billion five-year sukuk at mid-swaps plus 32 bps

By Rebecca Melvin

New York, Sept. 18 – Islamic Development Bank, through IDB Trust Services Ltd., priced $1.3 billion of five-year Islamic bonds at par with a profit rate of 3.389%, or mid-swaps plus 32 basis points, according to a syndicate source on Thursday.

The Regulation S sukuk priced tight compared to initial talk in the high 30 bps area over mid-swaps.

CIMB, Citigroup, Dubai Islamic Bank, Gulf International Bank, HSBC, LBBW, Natixis and Standard Chartered were joint lead bookrunners.

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

Issuer:	Islamic Development Bank
Issue:	Islamic bond
Amount:	$1.3 billion
Maturity:	Sept. 26, 2023
Bookrunners:	CIMB, Citigroup, Dubai Islamic Bank, Gulf International Bank, HSBC, LBBW, Natixis and Standard Chartered
Profit rate:	3.389%
Price:	Par
Yield:	3.389%
Spread:	Mid-swaps plus 32 bps
Settlement date:	Sept. 26
Distribution:	Regulation S
Price talk:	Mid-swaps plus high 30 bps

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