Private sector arm of Islamic Development Bank, ICD, lists $600m sukuk on Nasdaq Dubai

Private sector arm of Islamic Development Bank, ICD, lists $600m sukuk on Nasdaq Dubai

The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Saudi Arabia's Islamic Development Bank (IsDB), has listed a $600m sukuk on Nasdaq Dubai.

The capital raised will support ICD's development activities including creating competition, entrepreneurship, employment opportunities and export potential among its 55-member countries, as well as encouraging the development of Islamic financing activities such as the debt and equity capital markets, reported news agency WAM.

The five-year sukuk was issued at 140 basis points over the mid-swaps rate and was approximately three times oversubscribed, including orders from the joint lead managers.

The largest group of investors were from the Middle East (75 per cent), followed by Asia (21 per cent) and UK and Europe (4 per cent).

As for the investor type, fund managers