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
The deal was subscribed 4 37 times at this price after a bookbuild and a roadshow...
