IsDB issues debut SOFR-linked Sukuk

The Islamic Development Bank has raised $400 million through its first-ever Secured Overnight Financing Rate-linked Sukuk in the global capital markets. The multilateral development financial institution's debut SOFR-linked Sukuk is a three-year Floating Rate Note that raised $400 million from a single investor on a private placement basis. It was priced at par (100%) and the mutually agreed coupon is payable on a quarterly basis.