The Islamic Development Bank (IsDB) has started marketing a five year dollar sukuk, or Islamic bond, a document issued by one of the banks showed. The Jeddah-based triple A-rated institution gave initial price guidance in the high 40 basis points over mid swaps area, the document showed.
IsDB has appointed Credit Agricole CIB, Emirates NBD Capital, Gulf International Bank, HSBC, JPMorgan, Natixis and Standard Chartered as joint lead managers and bookrunners.
The Islamic Development Bank (IsDB) has announced that it has invested US$50 million in private Sukuk issuance by the International Finance Facility for Immunisation (IFFIm). This is the second participation of IsDB in a sukuk issuance by IFFIm after a similar effort in 2015.
In December 2018, following the announcement made during Gavi (The Global Vaccine Alliance) at their mid-term review held in Abu Dhabi, the IsDB made a successful completion of its participation in a private placement Sukuk issuance by IFFIm to accelerate funding for immunisation efforts in 33 Organisation of Islamic Cooperation (OIC) member states.
“Gavi’s record of delivery in saving lives through immunisation is a perfect fit with the IsDB’s priority to deliver impactful public health investments,” IsDB President, Dr. Bandar Hajjar said.
He added: “By working in collaborative partnerships such as this, we can accelerate progress towards the UN Sustainable Development Goals. That’s why we are very pleased to support IFFIm’s sukuk and extend our relationship with Gavi.”
Hajjar’s President’s 5-Year Programme (P5P) put partnerships, with development institutions like Gavi, at the centre of the Bank’s priorities.
Source Reuters