Saudi-based Islamic Development Bank has tightened price guidance for its 5-year Islamic bonds to around 54 basis points over mid-swaps from 57 basis points over the same benchmark, fixed-income news service IFR reported on Tuesday.

The guidance was tightened after the lender received more than $1.1 billion in orders for sukuk expected to be priced later in the day, IFR said.

The bank plans to sell dollar-denominated sukuk of benchmark size, which is usually understood to amount at least $500 million.

(Reporting by Amna Mariyam; Editing by Kirsten Donovan)