IFC's Islamic debut

The multilateral agency prices its first Islamic bond in Malaysia.

The International Finance Corporation IFC priced its first Islamic bond on Friday December 3. Indeed, the bond was the first Islamic issue by any multilateral agency anywhere.

The three year, RM500 million $105 million bond was denominated in Ringitt and priced at 10bp through the three -year Malaysia government bond to yield 2.88%. The deal was marketed at a range between 9bp and 11 bp through the government's curve and so came in the middle of that range. It was upsized from an initial amount of RM400 million. HSBC and CIMB were joint lead managers of the transaction.

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