New Issue: Saudi Arabia’s ICD prices $300 million 2.468% notes due 2021 at par

By Christine Van Dusen

Atlanta, April 7 – Islamic Corp. for the Development of the Private Sector (ICD) sold $300 million of 2.468% Islamic bonds due April 13, 2021 (expected ratings: Aa3/AA/AA) at par to yield 2.468%, or mid-swaps plus 130 basis points, a market source said.

Bank ABC, Boubyan Bank, CIMB, Dubai Islamic Bank, Emirates NBD Capital, First Gulf Bank, HSBC, Mizuho Securities, Societe Generale CIB and Standard Chartered Bank were the bookrunners for the Regulation S deal.

The issuer, a financial institution that supports member countries through investment in the private sector, is based in Jeddah, Saudi Arabia.

Issuer:	Islamic Corp. for the Development of the Private Sector (ICD)
Amount:	$300 million
Maturity:	April 13, 2021
Description:	Sukuk
Bookrunners:	Bank ABC, Boubyan Bank, CIMB, Dubai Islamic Bank, Emirates NBD Capital, First Gulf Bank, HSBC, Mizuho Securities, Societe Generale CIB, Standard Chartered Bank
Coupon:	2.468%
Price:	Par
Yield:	2.468%
Spread:	Mid-swaps plus 130 bps
Trade date:	April 6
Settlement date:	April 13
Expected ratings:	Moody’s: Aa3
	Standard & Poor’s: AA
	Fitch: AA
Distribution:	Regulation S

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