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World Bank-Linked IFFI To Price Dollar Sukuk On Thursday

world-bank
2014-11-27 by Hafiz M. Ahmed

world-bankDUBAI – The International Finance Facility for Immunisation Co. [IFFIM.UL] (IFFI), for which the World Bank acts as treasury manager, plans to sell a dollar-denominated Islamic bond on Thursday, a document from arranging banks showed.

IFFI will look to sell a three-year sukuk of benchmark size — traditionally understood to mean in excess of $500 million (317 million pounds) — and will pay an interest rate between 15 basis points and 17 basis points over the three-month London interbank offered rate (Libor).

Qatar’s Barwa Bank, Malaysia’s CIMB , National Bank of Abu Dhabi , the investment banking arm of Saudi Arabia’s National Commercial Bank <1180.SE>, and Standard Chartered are arranging the transaction.

IFFI is rated AA by Standard and Poor’s and AA+ by Fitch.

Originally published on www.reuters.com

 

Author

  • Hafiz M. Ahmed

    Hafiz Maqsood Ahmed is the Editor-in-Chief of The Halal Times, with over 30 years of experience in journalism. Specializing in the Islamic economy, his insightful analyses shape discourse in the global Halal economy.

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