November 27, 2019 / 10:35 AM / 17 days ago

Islamic Development Bank set to raise 1 bln euro in green sukuk

DUBAI, Nov 27 (Reuters) - Jeddah-based Islamic Development Bank is set to raise 1 billion euro ($1.10 billion) through five-year “green” sukuk, or Islamic bonds, a document showed on Wednesday.

The triple-A rated financial institution is offering investors 28 basis points over mid-swaps for the debt sale.

Green bonds are a growing category of fixed-income securities, and green sukuk could widen the appeal of Islamic bonds beyond traditional markets in Asia and the Middle East to include ethical investors in Western countries.

$1 = 0.9073 euros Reporting by Davide Barbuscia; Editing by Kevin Liffey

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