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Filed under: Latest News — admin     1:56 pm May 26, 2011

“This transaction is important because it sets a benchmark yield for IDB risk,” said Rizwan H. Kanji, a debt capital markets partner with the Middle East and Islamic finance practice of King & Spalding in Dubai, United Arab Emirates. “It also is expected to help re-energize the Sukuk market after a period of relatively low issuance of Sukuk.”

King & Spalding advised the IDB on the $750 million benchmark Sukuk which has been dual-listed on the London Stock Exchange and Bursa Malaysia. The joint lead managers on the transaction were BNP Paribas, Deutsche Bank A.G. (London branch), HSBC and Standard Chartered Bank.

The issue followed an IDB Road Show to Asia, Middle East and Europe. On the conclusion of the Road Show, Dr. Abdul Aziz Al-Hinai, IDB Vice President Finance said, “We are delighted with the outcome of the deal, which achieved our main objectives for the transaction to build on the success of last year’s deal to establish another liquid benchmark and further position IDB in line with its Supranational peer group. I am particularly happy to see a number of new accounts come into an IDB trade for the first time, and would like to thank the lead managers for delivering a deal that met all our objectives.”

The road show kicked off in UAE and reached London where the bank successfully priced the $750 million, five-year, Trust Certificates (Sukuk) issued at par with a 2.35 per cent semi-annual profit rate under the IDB’s $3.5 billion Trust Certificate Issuance Programme.

IDB’s AAA ratings, strong financial position and relative insulation from regional events made a compelling story for investors who participated strongly in the book. The issue saw strong participation from the Asia and the MENA region with good interest from European and US offshore investors. In terms of allocation, the distribution was well diversified with 53 per cent allocated to MENA, 26 per cent to Asia, 16 per cent and five per cent to Europe and Americas, respectively.

Overall the deal saw strong participation from real money accounts and official institutions providing credence to IDB’s credit strength. In addition, the deal also saw first time participation from other supranational institutions. 48 per cent was allocated to central banks/official institutions, followed by 33 per cent allocation to banks, 15 per cent to fund managers and four per cent to retail investors.

Source : CPI Financial

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