Chicago, Nov. 7 – Islamic Development Bank priced €550 million of sukuk trust certificates with a 3.456% profit rate at par due 2028 (Aaa/AAA/AAA) on Tuesday, according to a market source.
The issued priced at par, or at mid-swaps plus 33 basis points. Pricing came on top of guidance in the 33 bps area.
The issuer is IsDB Trust Services No.2 Sarl.
Standard Chartered Bank (billing and delivery), Abu Dhabi Commercial Bank PJSC, Credit Agricole CIG, Deutsche Bank AG, HSBC Bank plc, J.P. Morgan Securities plc and Societe Generale and are the joint bookrunners and joint lead managers.
The order book went over €580 million, including €75 million of interest from the joint lead managers.
The certificates will be listed 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: | €550 million
|
| Issue: | Sukuk
|
| Maturity: | Nov. 14, 2028
|
| Bookrunners: | Standard Chartered Bank (billing and delivery), Abu Dhabi Commercial Bank PJSC, Credit Agricole CIG, Deutsche Bank AG, HSBC Bank plc, J.P. Morgan Securities plc and Societe Generale
|
| Coupon: | 3.456%
|
| Price: | Par
|
| Yield: | 3.456%
|
| Spread: | Mid-swaps plus 33 bps
|
| Trade date: | Nov. 7
|
| Settlement date: | Nov. 14
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
| Fitch: AAA
|
| Distribution: | Regulation S
|
| Price talk: | Mid-swaps plus 33 bps area
|
| ISIN: | XS2708355115
|
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