IDB sells $1bn sukuk

The Islamic Development Bank sold on Thursday $1 billion in Islamic bonds, a bank document showed. The Jeddah-based multilateral lender sold the sukuk at 62 basis points over five-year US secured overnight financing rate (SOFR) mid-swaps, tightened from initial guidance in the mid-60s bps, the document showed. The deal got more than $1.7 billion in demand, including $620 million in interest from lead managers. — Reuters