Islamic Development Bank sells $1.5bln in 5-year sukuk - document

It received over $1.65bln in orders for the Islamic bond

  
A view of the exterior building of the Islamic Development Bank Group in Jeddah, Saudi Arabia May 31, 2018.

A view of the exterior building of the Islamic Development Bank Group in Jeddah, Saudi Arabia May 31, 2018.

REUTERS/Reem Baeshen

DUBAI- The Jeddah-based Islamic Development Bank sold $1.5 billion in five-year sukuk on Thursday, a document showed, which it will use to finance projects in member countries responding to the coronavirus pandemic.

IsDB set the Islamic bonds' spread at 55 basis points over midswaps, tightening 15 bps from where it began marketing the debt sale on Wednesday.

The development bank received over $1.65 billion in orders for the Islamic bonds, according to the document from one of the banks arranging the deal.

The triple-A rated development finance institution hired Citi, Credit Agricole, Emirates NBD Capital, Gulf International Bank, HSBC, the Islamic Corporation for the Development of the Private Sector, Natixis, Societe Generale and Standard Chartered to arrange the issuance. 

(Reporting by Yousef Saba; editing by Catherine Evans, Larry King) ((Yousef.Saba@thomsonreuters.com; +971562166204))

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