September 25, 2019 / 1:04 PM / 22 days ago

Islamic Development Bank set to raise $1.5 bln in sukuk

DUBAI, Sept 25 (Reuters) - Jeddah-based Islamic Development Bank is set to raise $1.5 billion in five-year sukuk, or Islamic bonds, a document seen by Reuters showed.

The triple-A rated financial institution is offering investors a yield equivalent to 50 basis points over mid-swaps, according to the document, issued by one of the banks leading the deal.

Citi, Emirates NBD Capital, First Abu Dhabi Bank, Gulf International Bank, HSBC, LBBW, RHB Investment Bank Berhad, Société Générale and Standard Chartered Bank have been hired to lead the transaction.

Reporting by Davide Barbuscia, editing by Lisa Barrington

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