Saudi Arabia-based Islamic Development Bank has revised the price guidance for its five-year dollar sukuk issue to 40-43 basis points (bps) over mid-swaps, a document from one of the lead banks on the deal showed on Wednesday.
The bank, which had began marketing the notes at the high-40s bps over mid-swaps on Tuesday, received more than $1.15 billion in orders, the document said.
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 deal is expected to close on Wednesday.
The issuance, expected to be of benchmark size, is under Islamic Development Bank’s $25 billion trust certificate issuance programme. Benchmark size generally means upwards of $500 million.
Source Nasdaq