New Issue: Islamic Development Bank sells $1.5 billion five-year sukuk at mid-swaps plus 40 bps

By Wendy Van Sickle

Columbus, Ohio, April 26 – Islamic Development Bank priced a $1.5 billion five-year sukuk at par with a profit rate of 2.843% and spread of mid-swaps plus 40 basis points, according to a notice on Friday.

The Regulation S sukuk priced tight compared to initial talk in the mid- to high-40 bps area over mid-swaps.

Credit Agricole CIB, First Abu Dhabi Bank, Emirates NBD Capital, Gulf International Bank, HSBC, JPMorgan, Natixis and Standard Chartered Bank were bookrunners for the Regulation S notes.

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

Issuer:	Islamic Development Bank
Issue:	Islamic bond
Amount:	$1.5 billion
Tenor:	Five years
Bookrunners:	Credit Agricole CIB, First Abu Dhabi Bank, Emirates NBD Capital, Gulf International Bank, HSBC, JPMorgan, Natixis and Standard Chartered Bank
Profit rate:	2.843%
Price:	Par
Yield:	2.843%
Spread:	Mid-swaps plus 40 bps
Pricing date:	April 21
Distribution:	Regulation S
Price talk:	Mid-swaps plus mid- to high-40 bps area

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