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Financials

Islamic Development Bank sets spread for 5-yr dollar sukuk - document

DUBAI, June 18 (Reuters) - The Jeddah-based Islamic Development Bank set the spread for its five-year U.S. dollar-denominated sukuk at 55 basis points over midswaps, a bank document showed on Thursday, tightening by 15 bps from where it began marketing the sale on Wednesday.

It received over $1.75 bln in orders for the Islamic bonds, which it will use to finance member countries’ response to the coronavirus pandemic. The deal is expected to close later on Thursday.

Reporting by Yousef Saba; Editing by Catherine Evans

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