IslamicFinance.de

The Islamic Corporation for the Development of the Private Sector (ICD) announced successful completion of the pricing of a five-year USD 600 million Sukuk issuance at MS + 140bps. This is the largest Sukuk issuance by ICD since inception and double the amount from its inaugural issuance in 2016 of USD300 million, despite the institution’s absence from the capital markets over the last four years. ICD attracted very strong investor response despite a slightly weaker market sentiment. The orderbook exceeded USD 1.5 billion and ICD released a price guidance at MS + 160 bps area. The Sukuk was priced 20 basis points from guidance pricing.