|19 February, 2020

Islamic Development Bank sells $2bln five-year sukuk - document

The bank, which had began marketing the notes at the high-40s bps over mid-swaps on Tuesday

The Logo of the Islamic Development Bank Group is seen at entrance of the bank in Jeddah, Saudi Arabia May 31, 2018. REUTERS/Reem Baeshen

The Logo of the Islamic Development Bank Group is seen at entrance of the bank in Jeddah, Saudi Arabia May 31, 2018. REUTERS/Reem Baeshen

DUBAI- Jeddah-based Islamic Development Bank sold $2 billion in five-year sukuk at 40 basis points over mid-swaps, a document from one of the lead banks on the deal showed on Wednesday.

The bank tightened the spreads after it had began marketing the notes at the high 40s bps over mid-swaps on Tuesday.

The bank, rated triple-A by Moody's, S&P and Fitch, hired Citi, Dubai Islamic Bank, HSBC, Islamic Corporation for the Development of the Private Sector, LBBW, Natixis and Standard Chartered Bank to arrange the deal.

The issuance is under Islamic Development Bank's $25 billion trust certificate issuance programme.

(Reporting by Yousef Saba; Editing by Larry King) ((Yousef.Saba@thomsonreuters.com; +971562166204))

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