Islamic Development Bank Set to Sell Sukuk Worth $1B

TEHRAN (IQNA) – Islamic Development Bank is expected to sell $1 billion in 5-yr sukuk.

The Islamic Development Bank is expected to sell $1 billion in five-year Islamic bonds for which it updated price guidance after demand topped $1.6 billion, a bank document showed on Thursday.

The sukuk will price between 62 and 64 basis points over five-year U.S. secured overnight financing rate (SOFR) mid-swaps, tightened from initial guidance of around 65 bps over the same benchmark, the bank document showed.

The order book included $670 million interest from joint lead managers.

Source: Reuters