September 18, 2018 / 8:00 AM / 3 months ago

Islamic Development Bank gives price guidance for new dollar sukuk

DUBAI, Sept 18 (Reuters) - The Jeddah-based Islamic Development Bank (IsDB) has given initial price guidance in the high 30 basis points over mid-swaps for a planned sale of five-year U.S. dollar-denominated sukuk, a document by one of the banks leading the deal showed.

IsDB is a regular issuer of international sukuk, or Islamic bonds, which it raises to fund its business activities and to promote the international sukuk market by building a liquid sukuk yield curve.

The new senior, unsecured bonds, expected to price later on Wednesday, will be of benchmark side, which generally means upwards of $500 million.

CIMB, Citi, Dubai Islamic Bank, Gulf International Bank, HSBC, LBBW, Natixis, and Standard Chartered Bank are the banks leading the deal.

Reporting by Davide Barbuscia; editing by Jason Neely

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