08 October 2024 16:57
★★ ISLAMIC DEVELOPMENT BANK (“IsDB”) 5Y $ REGS SUKUK - PRICED★★
|
Issuer: |
IsDB Trust Services No.2 SARL |
|
Obligor: |
The Islamic Development Bank |
|
Obligor Ratings: |
Aaa/AAA/AAA by Moody's, S&P and Fitch (All stable outlook) |
|
Expected Issue Ratings: |
Aaa/AAA/AAA by Moody's, S&P and Fitch |
|
Status: |
Senior, Unsecured |
|
Format: |
Regulation S Sukuk |
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Currency and Aggregate Principal Amount: |
US$ 1,250,000,000 |
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Pricing Date: |
8 October 2024 |
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Settlement Date: |
15 October 2024 (T+5) |
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Maturity Date: |
15 October 2029 |
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Profit Rate: |
4.047 per cent. per annum |
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Profit Payment Dates: |
Semi-annually (15 April and 15 October of each year). First Profit Payment Date is 15 April 2025. |
|
Day Count Fraction: |
30/360 |
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5-Year US SOFR Midswap yield: |
3.547 per cent |
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Reoffer spread vs. SOFR Midswap: |
50 bps |
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Reoffer yield: |
4.047 per cent |
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Issue Price: |
100 per cent |
|
Redemption: |
100 per cent. of Aggregate Principal Amount |
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Joint Bookrunners & Joint Lead Managers: |
BNP Paribas, BSF Capital, Citigroup Global Markets Limited, Dubai Islamic Bank PJSC, Emirates NBD Bank PJSC, HSBC Bank plc, NATIXIS, Qatar International Islamic Bank, Societe Generale and Standard Chartered Bank |
|
Billing & Delivery: |
Standard Chartered Bank |
|
Listings: |
Euronext Dublin and Nasdaq Dubai |
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Delivery: |
Euroclear / Clearstream |
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Issuer LEID: |
222100S88XMYHA1E3547 |
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Obligor LEID: |
254900TNNQC073KOJ554 |
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Denominations: |
US$200,000 and integral multiples of US$1,000 in excess thereof |
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ISIN: |
XS2907959071 |
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Common Code: |
290795907 |
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Documentation: |
US$ 25,000,000,000 Trust Certificate Issuance Programme as described in the Base Prospectus dated 30 September 2024 |
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Form of securities: |
Registered NSS format |
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Governing Law: |
English |
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Sales restrictions: |
EU, UK, US - Regulation S, Cat 2, Saudi Arabia, Malaysia |
|
Conditions precedent: |
Due diligence, legal opinions, closing certificate, subject to programme documentation, comfort letter |
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Stabilisation: |
FCA / ICMA |
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Timing: |
TOE 16:03 UKT on 8-October-2024 / FTT 8:00 UKT on 9-October-2024 |
08 October 2024 15:45
★★★ ISLAMIC DEVELOPMENT BANK – REGS US$ 5Y SUKUK – Allocations ★★★
- Allocations out in the system
- Spread set at MS+50bps
- Size set at USD 1.25bn
- Books > USD 1.45bn (excl. JLM interest)
- ISIN XS2907959071
- HR 101% vs T 3 ½ 09/30/29
- Standard Chartered B&D
- Pricing to follow shortly
08 October 2024 14:56
★★★ ISLAMIC DEVELOPMENT BANK – REGS US$ 5Y SUKUK – Launch ★★★
- Spread set at MS+50bps
- Size set at USD 1.25bn
- Books > USD 1.45bn (excl. JLM interest)
- Books now subject
- ISIN XS2907959071
- Standard Chartered B&D
- Allocations and pricing to follow
08 October 2024 11:22
★★★ ISLAMIC DEVELOPMENT BANK – REGS US$ 5Y SUKUK – Spread Set ★★★
- Spread set at MS+50bps
- Books at USD 1.7bn (incl. USD 50mn JLM interest)
- Books to go subject at 12:30pm UKT
- ISIN XS2907959071
- Standard Chartered B&D
08 October 2024 08:14
★★ The Islamic Development Bank – 5Y RegS $ Sukuk – Price Guidance ★★
- Price Guidance @ 5y SOFR MS + 55bps area
- IOIs of over US$ 1.0bn (incl US$ 50 JLM interest)
- ISIN: XS2907959071
- StanChart B&D
- Books open; today’s business
|
Issuer |
IsDB Trust Services No.2 SARL |
|
Obligor |
The Islamic Development Bank |
|
Obligor Ratings |
Aaa/AAA/AAA (by Moody’s/S&P/Fitch all stable outlook) |
|
Expected Issue Ratings |
Aaa/AAA/AAA (by Moody’s/S&P/Fitch) |
|
Format |
Regulation S Sukuk |
|
Status |
Senior, Unsecured |
|
Documentation |
US$ 25,000,000,000 Trust Certificate Issuance Programme |
|
Risk Weighting |
0% |
|
Currency and Size |
US$ Benchmark |
|
IPTs |
5Y US SOFR MS + 55 bps area |
|
Profit Rate |
Fixed, Semi-annual, 30/360 |
|
Pricing Date |
8 October 2024 |
|
Settlement Date |
15 October 2024 |
|
Maturity Date |
15 October 2029 |
|
Listing |
Euronext Dublin and Nasdaq Dubai |
|
Law |
English Law |
|
Denominations |
US$200k + US$1k |
|
Issuer LEI |
222100S88XMYHA1E3547 |
|
Obligor LEI |
254900TNNQC073KOJ554 |
|
ISIN / Common Code |
XS2907959071 / 290795907 |
|
Joint Lead Managers |
BNP Paribas, BSF Capital, Citi, Dubai Islamic Bank, Emirates NBD Capital, HSBC, NATIXIS, Societe Generale and Standard Chartered Bank |
|
Billing & Delivery |
Standard Chartered Bank |
|
Timing |
Taking IOIs, Expect Tomorrow’s Business |
|
Stabilisation |
FCA/ICMA |