Islamic Bank Begins Marketing Of 5-Year-Dollar Sukuk
Image courtesy GB Times

Islamic Development Bank (IsDB) has started marketing a five-year dollar sukuk, or Islamic bond, Concise News understands.

It was learned that the bank gave initial price guidance in the high 40 basis points over mid swaps area, according to a document one of the banks released.

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The Jeddah-based triple A-rated institution has appointed Credit Agricole CIB, Emirates NBD Capital, Gulf International Bank, HSBC, JPMorgan, Natixis and Standard Chartered as joint lead managers and book runners.

Sukuk, the Arabic name for financial certificates, is defined by Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) as “securities of equal denomination representing individual ownership interests in a portfolio of eligible existing or future assets.