The Islamic Corporation for the Development of the Private Sector, a multilateral development financial institution and the private sector arm of the Islamic Development Bank Group, has announced the completion of the pricing of a five-year $600m Sukuk issuance.
This is the largest Sukuk issuance by ICD since inception and doubled the amount from its inaugural issuance in 2016, 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.
The Sukuk was 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 Chief Executive Officer, Ayman Sejiny,” the firm said in a statement.
ICD attracted strong investor response despite a slightly weaker market sentiment. The order book exceeded $1.5bn. The Sukuk was priced 20 basis points from guidance pricing.
Sejiny said, “We are extremely proud. This is great news for all our member countries and recognition of ICD’s two-years of hard work and dedication. It will enable us to better serve our member countries. While the current economic environment is experiencing turbulence, this achievement is a testament to our experience and expertise.
“We are truly blessed with this important success that we share with all of our stakeholders and investors who have entrusted their faith in us and our vision.”
