|25 September, 2019

Islamic Development Bank set to raise $1.5bln in sukuk

Jeddah-based Islamic Development Bank is set to raise $1.5bln in five-year sukuk, or Islamic bonds, a document seen by Reuters showed.

Image used for illustrative purpose

Image used for illustrative purpose

REUTERS/Fadi Al-Assaad

DUBAI- Jeddah-based Islamic Development Bank is set to raise $1.5 billion in five-year sukuk, or Islamic bonds, a document seen by Reuters showed.

The triple-A rated financial institution is offering investors a yield equivalent to 50 basis points over mid-swaps, according to the document, issued by one of the banks leading the deal.

Citi, Emirates NBD Capital, First Abu Dhabi Bank, Gulf International Bank, HSBC, LBBW, RHB Investment Bank Berhad, Société Générale and Standard Chartered Bank have been hired to lead the transaction.

(Reporting by Davide Barbuscia, editing by Lisa Barrington) ((Davide.Barbuscia@thomsonreuters.com; +971522604297; Reuters Messaging: davide.barbuscia.reuters.com@reuters.net))

More From Markets