VOL. XLVI

No 32

11-August-2003

CAPITAL MARKETS

IDB Launches $400Mn Sukuk Bond

The Islamic Development Bank (IDB) announced the launch on 29 July of a $400mn Islamic sukuk bond, increasing the offering from the originally targeted $300mn due to strong demand from the Middle East, Asia and Europe. The transaction was priced to yield 3.738%, equivalent to a margin of 16 bps over the five-year mid swap rate, at the tighter end of the indicated pricing range of 15-20 bps. Citigroup acted as ratings...