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Islamic Corporation for the Development of the Private Sector Issues 5-Year USD 600 Million Sukuk

Islamic Corporation for the Development of the Private Sector Issues 5-Year USD 600 Million Sukuk

October 09, 2020

https://islamicmarkets.com/index.php/articles/islamic-corporation-for-the-development-of-the-private-sector-issues
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By IM Insights

The Islamic Corporation for the Development of the Private Sector (ICD), a unit of the Islamic Development Bank (IsDB), has announced the successful issuance of a five-year USD 600 million Sukuk issuance, which was priced at Mid Swap (MS) + 140 basis points (bps) area.

According to a statement released by ICD, which is rated A2/Stable by Moody’s Investor Service and A- by Fitch Ratings, this was the largest Sukuk issuance by ICD since inception, and twice the amount of its first Sukuk issuance of USD 300 million in 2016. The orderbook of the latest issuance was oversubscribed by almost three times, exceeding USD 1.5 billion and was priced 20 bps from the released price guidance at MS + 160 bps area.