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| 07 March, 2018

Islamic Development Bank gives initial price guidance for dollar sukuk- lead

Saudi Arabia's Islamic Development Bank has given initial price guidance for a senior, unsecured five-year U.S. dollar-denominated sukuk.

A U.S. Dollar note is seen in this June 22, 2017 illustration photo.  Saudi to conduct next dollar issue in first half 2018.

A U.S. Dollar note is seen in this June 22, 2017 illustration photo. Saudi to conduct next dollar issue in first half 2018.

REUTERS/Thomas White/Illustration

DUBAI- Saudi Arabia's Islamic Development Bank has given initial price guidance for a senior, unsecured five-year U.S. dollar-denominated sukuk in the high 30 basis points over mid-swaps, a document by one of the banks arranging the deal showed on Wednesday.

The president of the triple A rated Jeddah-based multilateral development bank said earlier this week that the bank planned to launch a $2.5 billion sukuk soon.

CIMB, Citi, Emirates NBD Capital, HSBC, Natixis, SMBC Nikko, and Standard Chartered Bank are the banks leading the deal, which is expected to price on Thursday, the document showed.

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