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Report: Islamic Development Bank to issue $1.5B sukuk

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Report: Islamic Development Bank to issue $1.5B sukuk

Saudi Arabia-based Islamic Development Bank is looking to issue $1.5 billion in five-year sukuk, or Islamic bonds, Reuters reported, citing a document issued by one of the banks leading the deal.

The bonds have a yield equivalent to 50 basis points over midswaps, the news agency reported.

Citi, Emirates NBD Capital, First Abu Dhabi Bank, Gulf International Bank, HSBC, LBBW, RHB Investment Bank Bhd., Société Générale and Standard Chartered will lead the issuance.