DUBAI – 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