Saudi-based Islamic Development Bank is set to raise $1.75 billion from a sale of Islamic bonds, or sukuk, maturing in October 2028, fixed-income news service IFR reported on Tuesday.

The spread on sukuk has been set at 52 basis points over secured overnight financing rate mid-swaps, tightened 5 basis points from initial guidance reported on Monday.

Demand for the debt sale topped $1.9 billion.

Barclays, BNP Paribas, Dubai Islamic Bank, First Abu Dhabi Bank, J.P. Morgan, Mizuho, NATIXIS, Standard Chartered Bank and The Islamic Corporation for the Development of the Private Sector are joint lead managers and bookrunners for the sukuk sale.

(Reporting by Amna Mariyam, Editing by Louise Heavens)