At the end of the roadshow, its Vice President Finance Abdul Aziz Al-Hinai said: “We are delighted with the outcome of the deal, which achieved our main objectives for the transaction to build on the success of last year’s deal to establish another liquid benchmark and further position IDB in line with its supranational peer group. I am particularly happy to see a number of new accounts come into an IDB trade for the first time, and would like to thank the lead managers for delivering a deal that met all our objectives.”

The roadshow kicked off in the UAE and reached London where the bank has successfully priced, $750 million, 5-year, Trust Certificates (sukuk) issued at par with a 2.35 percent semi-annual profit rate under its $3.5 billion Trust Certificate Issuance Program.

BNP Paribas, Deutsche Bank, HSBC and Standard Chartered Bank acted as joint lead managers and joint book runners.

The book-building process began on May 12, with the release of a price whisper in the low to mid-30s region.

Official price guidance was released at 8:30 a.m. London time on May 17 at the MS + 35bps area on the back of which good momentum was built into the order book.

Despite the volatile economic environment around the world, IDB achieved both a larger deal size as well as tighter pricing, with the deal pricing 3bps inside the secondary market levels.

This is indeed an achievement and an evident outcome of IDB’s continued efforts in positioning itself closer to its supranational peers.

IDB’s AAA ratings, its strong financial position and relative insulation from regional events made a compelling story for investors who participated strongly in the book.

The issue saw strong participation from the Asia and the MENA region with good interest from European and US offshore investors. In terms of allocation, the distribution was well diversified with 53 percent allocated to MENA, 26 percent to Asia, 16 percent and five percent to Europe and Americas, respectively.

Overall the deal saw strong participation from real money accounts and official institutions providing credence to IDB’s credit strength.

In addition, the deal also saw first time participation from other supranational institutions. Forty-eight percent was allocated to central banks/official institutions, followed by 33 percent allocation to banks, 15 percent to fund managers and 4 percent to retail investors.

The Trust Certificates will be listed on the London Stock Exchange and Bursa Malaysia.