New Issue: Islamic Development Bank sells $1.5 billion five-year sukuk at mid-swaps plus 50 bps

By Sarah Lizee

Olympia, Wash., Oct. 11 – Islamic Development Bank priced a $1.5 billion five-year sukuk at par with a profit rate of 1.957% and spread of mid-swaps plus 50 basis points, according to a notice on Friday.

Pricing came at the tight end of spread guidance of mid-swaps plus 50 bps to 55 bps.

Citi, Emirates NBD, First Abu Dhabi Bank, Gulf International Bank, HSBC, RHB Investment Bank Bhd., Societe Generale 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:	Citi, Emirates NBD, First Abu Dhabi Bank, Gulf International Bank, HSBC, RHB Investment Bank Bhd., Societe Generale and Standard Chartered Bank
Profit rate:	1.957%
Price:	Par
Yield:	1.957%
Spread:	Mid-swaps plus 50 bps
Pricing date:	Oct. 1
Distribution:	Regulation S
Price guidance:	Mid-swaps plus 50 bps to 55 bps

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