Islamic Development Bank sets size for sukuk at EUR650mn
The Jeddah-based Islamic Development Bank (IsDB) has set the size of a planned sukuk issue at EUR650mn, a document from one of the banks arranging the deal showed. The triple-A rated institution was targeting a EUR500mn issue when it started marketing the deal earlier on Wednesday. The five-year sukuk - which IsDB issues to fund itself and to develop the sukuk market - will offer investors 20 basis points over mid-swaps, according to the bank document.
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