Islamic Development Bank sails through sukuk pricing

Middle East_230
By Michael Turner
20 Sep 2017

Islamic Development Bank printed $1.25bn of sukuk on Tuesday that was firmly targeted at the sovereigns, supranationals and agencies crowd despite its emerging market jurisdiction.

The triple-A rated Saudi Arabia-based bank began marketing the trade at low-40bp over mid-swaps, before pricing at 37bp over.

“This doesn’t really appeal to the majority EM investors,” said a syndicate banker away from the deal. “But rates guys who are happy to buy sukuk ...

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