DUBAI - Jeddah-based Islamic Development Bank tightened the price guidance on Wednesday for five-year U.S. dollar-denominated sustainability sukuk, or Islamic bonds, after receiving over $1.7 billion in orders, a document showed.

Guidance was tightened to around 37 basis points (bps) over mid-swaps from initial guidance on Tuesday of 39 bps over mid-swaps, according to the document issued by one of the banks on the deal and seen by Reuters.

Citi, HSBC, Goldman Sachs, Natixis, Societe Generale, Standard Chartered and Warba Bank are arranging the deal, which is expected to launch later on Wednesday.

(Reporting by Yousef Saba; Editing by Alison Williams) ((Yousef.Saba@thomsonreuters.com; +971562166204; https://twitter.com/YousefSaba))