October 31, 2018 / 11:40 AM / in 9 months

Islamic Development Bank sets final spread for 500 mln euro sukuk

DUBAI, Oct 31 (Reuters) - The Islamic Development Bank (IsDB), a Jeddah-based institution, has set at 20 basis points over mid-swap the final spread it is offering investors for a planned 500 million euro ($567.55 million) issuance of sukuk, or Islamic bonds, a document by one of the banks leading the deal showed.

The triple A rated institution has received orders in excess of 650 million euro for the debt sale, which will be finalised later on Wednesday, according to the document.

IsDB is a regular issuer of international sukuk which it raises to fund its business activities and to promote the international sukuk market by building a liquid yield curve.

Credit Agricole, LBBW, Natixis and Standard Chartered are arranging the transaction. ($1 = 0.8810 euros) (Reporting by Davide Barbuscia; Editing by Alison Williams)

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