Islamic Development Bank markets 5-year Islamic bond

By Reuters

Published: Wed 19 Oct 2022, 5:21 PM

The Islamic Development Bank has given initial price guidance for a planned five-year Islamic bond at around mid-60s basis points over the five-year U.S. secured overnight financing rate (SOFR), a bank document showed.

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BNP Paribas, Credit Agricole, Dukhan Bank, Goldman Sachs, The Islamic Corporation for the Development of the Private Sector, JPMorgan, Mizuho , SNB Capital and Standard Chartered are joint lead managers on the sale, expected to price on Thursday, the document said.

The Jeddah-based multilateral lender last tapped the market in April, raising $1.6 billion in five-year sukuk.

New bond issues in the Gulf have plummeted this year amid volatile markets and rising interest rates.

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But there were three snap issuances on Tuesday, when benchmark rates edged slightly lower, as Saudi Arabia raised $5 billion with sukuk and bonds, Abu Dhabi wealth fund Mubadala raised $1 billion and top Dubai bank Emirates NBD issued $500 million. — Reuters

Reuters

Published: Wed 19 Oct 2022, 5:21 PM

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