The Islamic Development Bank (IsDB) priced its USD 1.2 bn, five-year sukuk issuance at a fixed, semi-annual rate of 4.246%, Zawya reports. The initial price talk for the issuance was set at the Secured Overnight Financing Rate (SOFR) plus 57 basis points over the mid-swaps, only 1 basis point tighter than the final pricing.

About the offering: The issuance is part of the bank’s USD 25 bn Trust Certificate Issuance Program. The Reg-S sukuk will be listed on Euronext Dublin and Nasdaq Dubai.

ICYMI- The program had also seen IsDB close its first global debt issuance of the year in March, raising USD 1.75 bn in a USD-denominated sukuk sale with a fixed annual return of 4.211%.

ADVISORS- The bank tapped Citi, Emirates NBD Capital, Goldman Sachs International, Natixis, Societe Generale, BBVA, BMO Capital Markets, and Standard Chartered Bank as joint lead managers.

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