DUBAI - The Jeddah-based Islamic Development Bank (IsDB) has given initial price guidance in the high 30 basis points over mid-swaps for a planned sale of five-year U.S. dollar-denominated sukuk, a document by one of the banks leading the deal showed.
IsDB is a regular issuer of international sukuk, or Islamic bonds, which it raises to fund its business activities and to promote the international sukuk market by building a liquid sukuk yield curve.
The new senior, unsecured bonds, expected to price later on Wednesday, will be of benchmark side, which generally means upwards of $500 million.
CIMB, Citi, Dubai Islamic Bank, Gulf International Bank, HSBC, LBBW, Natixis, and Standard Chartered Bank are the banks leading the deal.
(Reporting by Davide Barbuscia; editing by Jason Neely) ((Davide.Barbuscia@thomsonreuters.com; +971522604297; Reuters Messaging: firstname.lastname@example.org))