DUBAI: Islamic Development Bank (IsDB), a Jeddah-based multilateral institution, has set revised price guidance for a five-year Islamic bond, which could raise $1 billion, with pricing due later on Wednesday.
Final guidance for the sukuk was set at a spread of 30 basis points over midswaps, arranging banks said, after order books for the deal reached just under $1.5 billion ahead of launch.
Early price talk was released at a spread in the high 30 bps over midswaps on Tuesday.
The AAA-rated bank, whose largest shareholder is Saudi Arabia, has said it aims to raise $1 billion from the sukuk.
It has more than tripled its authorised capital to $150 billion to better support development projects in its 56 member nations.
Banks arranging the sukuk are Qatar's Barwa Bank, Credit Agricole, CIMB, National Bank of Abu Dhabi, Natixis, NCB Capital - the investment banking arm of Saudi's National Commercial Bank, Royal Bank of Scotland and Standard Chartered. (Reuters)
