The Islamic Corporation for the Development of the Private Sector, (ICD) (www.ICD-IDB.org), a multilateral development financial institution and the private sector arm of the Islamic Development Bank Group (IsDBG), announces successful completion of the pricing of a five-year USD 600 million Sukuk issuance at MS + 140bps.
This is the largest Sukuk issuance by ICD (Rated A2 (stable) by Moody’s; A (negative) by Fitch Ratings) since inception and double the amount from its inaugural issuance in 2016 of USD300 million, despite the institution’s absence from the capital markets over the last four years. The book was oversubscribed by almost three times including orders from the Joint Lead Managers (JLMs).The Sukuk is subscribed by 37 international and regional investors. This is a testament of the investors regarding ICD’s credit story and new strategy which the new management has been working diligently to formulate and implement over the past two years under the leadership of its CEO, Mr. Ayman Sejiny.
