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Islamic Development Bank to raise $1.5 bln in 5-yr sukuk issue -leads

DUBAI, March 3 (Reuters) - Jeddah-based Islamic Development Bank will raise $1.5 billion from a five-year sukuk issue that it is due to price later on Thursday, a document from arrangers showed.

The deal will carrying pricing of 50 basis points over midswaps, according to the document, in line with final guidance issued earlier in the day and inside the initial range of mid-to-high 50s bps over the same benchmark given on Wednesday.

The offering has received orders worth more than $1.5 billion from investors, of which $243.8 million came from the joint lead arrangers and related parties, the document added.

The sukuk offering is being arranged by Boubyan Bank, CIMB, Emirates NBD Capital, Gulf International Bank, JP Morgan, Natixis and Standard Chartered.

(Reporting by Archana Narayanan; Writing by David French, editing by Matt Smith) ((davidj.french@thomsonreuters.com; +971 4 362 5864; Reuters Messaging: davidj.french.thomsonreuters.com@reuters.net))
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