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FINANCIAL NEWS
IDB to issue $1b in Islamic bonds
24 Aug 2010
(MENAFN) The Vice President of the Islamic Development Bank said that the Saudi Arabia-based multilateral lender plans to sell $1 billion of Islamic bonds to fund development projects in its member countries, AP reported.
The five-, seven- and 10-year sukuk, part of the IDB�s $3.5 billion Medium-Term Note program, will be issued in the fourth quarter and listed in London and Kuala Lumpur, the VP told reporters in the Malaysian capital after registering a separate ringgit issuance on the local exchange.
Khazanah Nasional Bhd., Malaysia�s state investment agency, sold $1.1 billion of five- and 10-year Islamic notes on Aug. 11, and the nation�s biggest mortgage company Cagamas Bhd. sold $318 million on Aug. 19.
The IDB, which has 56 member countries including Egypt, Saudi Arabia and Turkey, is financing up to $8 billion of projects in 2010, said the official.
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