Chicago, March 7 – Islamic Development Bank priced a $2 billion sukuk offering with a 4.598% profit rate and a five-year tenor (Aaa/AAA/AAA), according to a market source.
The certificates priced at par for a spread of 55 basis points to SOFR mid-swaps. Price guidance was in the SOFR mid-swaps plus 57 bps area.
The joint lead managers are BNP Paribas, Citi, Dukhan Bank, Emirates NBD Capital, HSBC, Islamic Corp. for the Development of the Private Sector, SMBC Nikko, Societe Generale and Standard Chartered Bank.
Standard Chartered Bank is handling billing and delivery.
The final book size was over $2.2 billion, including $175 million of interest from the joint lead managers.
The certificates will be listed in Dublin and Dubai.
The named issuer is IsDB Trust Services No.2 Sarl.
Islamic Development Bank is a Jeddah, Saudi Arabia-based lender.
| Issuer: | IsDB Trust Services No.2 Sarl
|
| Obligor: | Islamic Development Bank
|
| Amount: | $2 billion
|
| Issue: | Sukuk
|
| Maturity: | March 14, 2028
|
| Bookrunners: | BNP Paribas, Citi, Dukhan Bank, Emirates NBD Capital, HSBC, Islamic Corp. for the Development of the Private Sector, SMBC Nikko, Societe Generale and Standard Chartered Bank (billing and delivery)
|
| Profit rate: | 4.598%
|
| Price: | Par
|
| Yield: | 4.598%
|
| Spread: | SOFR mid-swaps plus 55 bps
|
| Trade date: | March 7
|
| Settlement date: | March 14
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
| Fitch: AAA
|
| Distribution: | Regulation S
|
| Price talk: | SOFR mid-swaps plus 57 bps area
|
| ISIN: | XS2589321020
|
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