IsDB $1.5bn sukuk 'should encourage sovereigns'
The Islamic Development Bank has taken advantage of pent up demand for sukuk, grabbing $1.5bn instead of $1bn and pricing inside guidance at 23bp over mid-swaps. The deal is a clarion call for the UK and Luxembourg to get on with issuing their own debut sukuks, said bankers.
IsDB launched the five year Reg S sukuk at just after 9am London time. Despite its big size increase, the deal’s final spread cut inside the initial profit thoughts of mid to high 20bp over five year mid-swaps that IsDB gave on Tuesday.
IsDB’s result on both counts
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