Chicago, Sept. 26 – Islamic Development Bank priced a $1.75 billion five-year sukuk offering with a 4.906% profit rate (Aaa/AAA/AAA) at par, according to information from a source.
The certificates priced at 52 basis points over mid-swaps.
Guidance was for a spread in the 54 bps area to mid-swaps.
Standard Chartered Bank (billing and delivery), Barclays, BNP Paribas, Dubai Islamic Bank, First Abu Dhabi Bank, JPMorgan, Mizuho, Natixis and Islamic Corp. for the Development of the Private Sector will be joint lead managers and bookrunners for the Regulation S deal.
The order book topped deal size, at over $1.9 billion. When books opened, there was around $1.1 billion of interest.
IsDB Trust Services No.2 Sarl is technically the issuer.
Listings will be in Dublin and Dubai.
The issuer is a Jeddah, Saudi Arabia-based lender.
| Issuer: | IsDB Trust Services No.2 Sarl
|
| Obligor: | Islamic Development Bank
|
| Amount: | $1.75 billion
|
| Issue: | Sukuk
|
| Maturity: | Oct. 3, 2028
|
| Bookrunners: | Barclays, BNP Paribas, Dubai Islamic Bank, First Abu Dhabi Bank, JPMorgan, Mizuho, Natixis, Standard Chartered Bank and Islamic Corp. for the Development of the Private Sector
|
| Coupon: | 4.906%
|
| Price: | Par
|
| Yield: | 4.906%
|
| Spread: | Mid-swaps plus 52 bps
|
| Trade date: | Sept. 26
|
| Settlement date: | Oct. 3
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
| Fitch: AAA
|
| Distribution: | Regulation S
|
| Price talk: | Mid-swaps plus 54 bps area
|
| ISIN: | XS2679288519
|
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