April 6, 2016 / 2:46 PM / 4 years ago

Islamic Corp for Development of Private Sector launches $300 mln sukuk - leads

DUBAI, April 6 (Reuters) - Islamic Corporation for the Development of the Private Sector (ICD) has launched a $300 million five-year sukuk that should price later on Wednesday, a document from lead managers showed.

The transaction seems to have struggled to gain traction with investors, having initially been earmarked to price as early as Tuesday and sized as a benchmark offering — traditionally understood to mean upwards of $500 million.

ICD, a unit of Islamic Development Bank, has “retained a portion of the transaction”, the document said without elaborating.

The issuer has also set pricing at the wide end of the 125-130 basis points over midswaps guide range given on the previous day, according to the document from arrangers on Wednesday.

Noor Bank and Warba Bank have been added to the 10-strong group of banks arranging the transaction: Bank ABC, Boubyan Bank, CIMB, Dubai Islamic Bank, Emirates NBD, First Gulf Bank, HSBC, Mizuho, Societe Generale and Standard Chartered.

Reporting by David French, editing by David Evans

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