IslamicFinance.de

Islamic Corporation for the Development of the Private Sector (ICD) has launched a $300 million five-year sukuk that should price later on Wednesday. The transaction seems to have struggled to gain traction with investors, having initially been earmarked to price as early as Tuesday and sized as a benchmark offering. ICD has "retained a portion of the transaction", but no details were given. The issuer has also set pricing at the wide end of the 125-130 basis points over midswaps guide range given on the previous day. Noor Bank and Warba Bank have been added to the 10-strong group of banks arranging the transaction: Bank ABC, Boubyan Bank, CIMB, Dubai Islamic Bank, Emirates NBD, First Gulf Bank, HSBC, Mizuho, Societe Generale and Standard Chartered.