By Rebecca Melvin
New York, Nov. 1 – Islamic Development Bank priced a €650 million five-year sukuk at par with a distribution rate of 0.554% and spread of mid-swaps plus 20 basis points, according to a market source on Thursday.
The deal was initially talked at €500 million in size, and pricing came at the tight end of spread guidance of mid-swaps plus 20 bps to 25 bps.
Credit Agricole, LBBW, Natixis and Standard Chartered were bookrunners for the Regulation S notes.
The issuer is a Jeddah, Saudi Arabia-based lender.
Issuer: | Islamic Development Bank
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Issue: | Islamic bond
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Amount: | €650 million
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Maturity: | Nov. 7, 2023
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Bookrunners: | Credit Agricole, LBBW, Natixis and Standard Chartered
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Profit rate: | 0.554%
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Price: | Par
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Yield: | 0.554%
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Spread: | Mid-swaps plus 20 bps
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Settlement date: | Nov. 7
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Distribution: | Regulation S
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Price talk: | Mid-swaps plus 20 bps to 25 bps
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