By William Gullotti
Buffalo, N.Y., Dec. 20 – Islamic Development Bank priced a $150 million add-on to its $1.75 billion five-year sukuk offering with a 4.906% profit rate (Aaa/AAA/AAA), according to a final term sheet on Wednesday.
The additional certificates priced at 101.687 and will be consolidated to form a single series with the initial sukuk offering on Jan. 29, 2024.
Natixis served as the dealer for the tap offering of Regulation S certificates.
Proceeds will be used for general corporate purposes.
As with the initial offering, IsDB Trust Services No.2 Sarl is technically the issuer.
Pre-consolidation listings for the certificates became effective in Dublin and Dubai on Dec. 18.
The issuer is a Jeddah, Saudi Arabia-based lender.
| Issuer: | IsDB Trust Services No.2 Sarl
|
| Obligor: | Islamic Development Bank
|
| Amount: | $150 million
|
| Issue: | Sukuk
|
| Maturity: | Oct. 3, 2028
|
| Dealer: | Natixis
|
| Coupon: | 4.906%
|
| Price: | 101.687 plus 75 days' accrued profit from, and including, Oct. 3
|
| Yield: | 4.906%
|
| Pricing date: | Dec. 14
|
| Issue date: | Dec. 18
|
| Consolidation date: | Jan. 29, 2024
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
| Fitch: AAA
|
| Distribution: | Regulation S
|
| ISINs: | XS2736488284 (temporary, pre-consolidation), XS2679288519
|
| Total issue size: | $1.9 billion, including $1.75 billion issued Oct. 3
|
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