Islamic Development Bank issues $1.3bn sukuk

The Jeddah-based Islamic Development Bank has raised $1.3 billion in senior, unsecured sukuk. The new transaction, priced on Wednesday, has a five-year maturity and a profit rate of 3.389%, corresponding to a spread of 32 basis points over mid-swaps.

CIMB, Citi, Dubai Islamic Bank, Gulf International Bank, HSBC, LBBW, Natixis, and Standard Chartered Bank arranged the bond sale.