Islamic Development Bank tightens pricing on $1 bln sukuk; to price on Thurs

Islamic Development Bank (IDB) has tightened pricing on a $1 billion five-year sukuk which could price later on Thursday. The lender tightened its pricing on the senior unsecured sukuk to 8 basis points over midswaps. It had opened books on Tuesday after setting initial price thoughts at around 10 bps over midswaps. Investors have committed to orders worth around $1.7 billion for the issue; the book is expected to close at 0900 GMT. IDB has picked CIMB, Dubai Islamic Bank, GIB Capital, HSBC, Natixis, NCB Capital, National Bank of Abu Dhabi, RHB Islamic Bank and Standard Chartered to arrange roadshows in the Middle East and Asia, which would wind up on Thursday.