Riyadh - Mubasher: Islamic Development Bank (IDB) issued five-year Sukuk worth $1.25 billion under its $25 billion trust certificate issuance programme, according to the bank’s statement.

The lead managers and joint book runners were Boubyan Bank, Credit Agricole, GIB Capital, J.P. Morgan, Mizuho Securities, National Bank of Abu Dhabi (NBAD), NATIXIS, RHB Investment Bank and Standard Chartered Bank, the statement indicated.

The book building process began on 29 November, with the release of the initial price of MidSwap rate plus 50 basis points area at the London Stock Exchange opening, but the deal was eventually priced on 30 November, at MS plus 45 basis points.

As for the distribution, 72% were allocated to the Middle East and North Africa (MENA) region, while another 25% to Asia and the remaining 3% to Europe.

Central banks and public firms dominated 90%, while banks accounted for the remaining 10% share.