The Jeddah-based Islamic Development Bank (IsDB) has raised USD1.3bn in senior unsecured sukuk, according to a bank document seen by Reuters. IsDB, a triple-A rated institution, is a regular issuer of international sukuks which it raises to fund its business activities. The new transaction, priced on Wednesday, has a five-year maturity and a profit rate of 3.389%, corresponding to a spread of 32bps over mid-swaps. The deal was marketed earlier this week with an initial price guidance in the high 30bps over mid-swaps.
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