Sukuk by Islamic Development Bank on sale

The Jeddah-based Islamic Development Bank (IsDB) is selling euro-denominated sukuk expected to be €500 million (Dh2.08 billion; $567 million) in size, a document by one of the banks leading the deal showed yesterday.

IsDB, a triple-A rated institution, is a regular issuer of international sukuk, or Islamic bonds, which it raises to fund its business activities and to promote the international sukuk market. The sukuk are marketed with a price guidance of around 22 basis points over mid-swaps. (Reuters)