IDB achieves attractive pricing for its USD1bn sukuk

The Islamic Development Bank (IDB), rated Aaa/AAA/AAA by Moody's, S&P and Fitch (all stable outlook), has successfully priced $1 billion, 5-year, trust certificates (sukuk) issued at par with a 1.83 percent semi-annual profit rate under its $10 billion trust certificate issuance program. Despite an uncertain market environment, IDB achieved extremely attractive pricing, with the deal pricing approximately 22bps inside the secondary market levels. The trust certificates will be listed on the London Stock Exchange, Nasdaq Dubai and Bursa Malaysia under an exempt regime.