Islamic Development Bank markets 5-year Islamic bond

The Islamic Development Bank has given initial price guidance for a planned five-year Islamic bond at around mid-60s basis points over the five-year U.S. secured overnight financing rate (SOFR), a bank document showed.

BNP Paribas, Credit Agricole, Dukhan Bank, Goldman Sachs, The Islamic Corporation for the Development of the Private Sector, JPMorgan, Mizuho , SNB Capital and Standard Chartered are joint lead managers on the sale, expected to price on Thursday, the document said.

But there were three snap issuances on Tuesday, when benchmark rates edged slightly lower, as Saudi Arabia raised $5 billion with sukuk and bonds, Abu Dhabi wealth fund Mubadala raised $1 billion and top Dubai bank Emirates NBD issued $500 million. — Reuters