Islamic Corporation for the Development of the Private Sector issues $600 mln five-year sukuk

The Islamic Corporation for the Development of the Private Sector (ICD) sold a $600 million five-year sukuk with a profit rate of 1.81%, according to a document from one of the banks seen by Salaam Gateway.

ICD, a unit of the Islamic Development Bank (IDB), priced the senior unsecured wakalah sukuk on Wednesday (Oct 7) at par, the document noted.

Goldman Sachs International, HSBC and Standard Chartered were the global coordinators. Bank ABC, Boubyan Bank, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, Gulf International Bank, Goldman Sachs International, HSBC, the ICD, KFH Capital, LBBW, Mizuho Securities, Samba Capital, SMBC Nikko, Standard Chartered and Warba Bank acted as joint lead managers and joint bookrunners on the deal.

The latest notes will fall under ICD Sukuk Limited’s Trust Certificate Issuance Programme.

The Jeddah-based multilateral development financial institution began a series of calls with global and fixed-income investors across Asia, the Middle East and Europe on Monday (Oct 5).

ICD has a $300 million 2.468% sukuk maturing on April 13, 2021. Bank ABC,

Boubyan Bank, CIMB, Dubai Islamic Bank, Emirates NBD Capital, First Gulf Bank, HSBC, Mizuho, Societe Generale and Standard Chartered arranged the deal in April 2016.

ICD is rated A by S&P Global Ratings, A+ by Fitch and A2 by Moody’s.

(Reporting by Hassan Jivraj; Editing by Emmy Abdul Alim [email protected])

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