Saudi’s Islamic development bank lists $2.5b sustainability sukuk on Nasdaq Dubai

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Dubai

Islamic Development Bank sukuk Nasdaq Dubai Saudi Arabia’s Islamic Development Bank (IsDB) has listed a $2.5bn sustainability sukuk on Nasdaq Dubai.

It is the second AAA-rated sukuk issuance under the Sustainable Finance Framework of IsDB and is the bank’s biggest US dollar public issuance to date.

The 5-year $2.5 billion Trust Certificates were priced at par with a profit rate of 1.262 percent, payable on a semi-annual basis.

The first of IsDB’s current Sukuk listings on Nasdaq Dubai was a $1 billion instrument that listed in 2015.

With this latest addition, total value of IsDB sukuk listed on Nasdaq Dubai stands at $17.14bn through 12 tranches.

This includes IsDB listing a $1.5b sustainability sukuk on Nasdaq Dubai last year, proceeds of which were used support Covid-19 relief initiatives including funding medical— GULF BUSINESS