Saudi-based Islamic Development Bank (IDB) issued a $500 million five-year Islamic bond, or sukuk, earlier this month, in a rare example of a privately-placed transaction from the supranational institution.
The deal was priced at 30 basis points (bps) over the three-month London interbank offered rate (Libor), according to market data, and was issued as part of the bank's $6.5 billion sukuk programme.
The sukuk was placed with a small group of investors following an initial reverse enquiry - where an investor
approaches the issuer with a request to buy some of its debt - according to a source familiar with the deal.
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