IsDB gets orders over $1.7bn for sukuk

Jeddah-based Islamic Development Bank tightened the price guidance on Wednesday for five-year US dollar-denominated sustainability sukuk, or Islamic bonds, after receiving over $1.7 billion in orders. Guidance was tightened to around 37 basis points over mid-swaps from initial guidance on Tuesday of 39 bps over mid-swaps, according to the document issued by one of the banks.

Citi, HSBC, Goldman Sachs, Natixis, Societe Generale, Standard Chartered, and Warba Bank are arranging the deal, which is expected to launch later today.