ICD Prices USD 500 Million 5-Year Sukuk at Record-Low Spread

Jeddah, October 9, 2025 – The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank (IsDB) Group, has successfully priced a USD 500 million 5-year Sukuk through ICDPS Sukuk Limited.

The Sukuk was priced at a profit rate of 4.391%, equivalent to a spread of 65 basis points over US Treasuries, the tightest ever achieved by ICD to date. The transaction generated strong investor demand with an orderbook of over USD 2.0 billion, representing a four-times oversubscription.

The issuance reflects investor confidence in ICD’s credit strength, supported by ratings of A2 (Moody’s), A (S&P), and A+ (Fitch), all with stable outlooks. The Sukuk structure is based on Wakala/Murabaha, and the certificates are listed on Euronext Dublin and Nasdaq Dubai.

Investor participation was well diversified geographically and by type, with strong involvement from central banks, supranationals, and global institutional investors , reflecting strong confidence in ICD’s credit and market positioning.

The transaction was jointly arranged by leading financial institutions including  HSBC , J.P. Morgan ,Standard Chartered Bank ,Al Rayan Investment, Bank ABC, Dubai Islamic Bank, GIB Capital, ,KFH Capital, Sharjah Islamic Bank, , and Warba Bank.

This issuance reinforces ICD’s continued access to global capital markets and supports its mandate to finance private sector development across its member countries.