The Islamic Corporation for the Development of the Private Sector (ICD) debut sukuk for $300m has been listed on the London Stock Exchange. The AA/(p)Aa3 (Fitch/Moody’s) rated Jeddah based supranational is a unit of Islamic Development Bank (IDB), issued a lacklusture debut sukuk which was downsized from $500 million to $300 million.
ICD’s key shareholders are IDB (AAA/Stable) and the Kingdom of Saudi Arabia (AA/Negative), who owns 45.6% and 18.2% of capital respectively. ICD is issuing the sukuk through a special purpose vehicle (SPV) Hilal Services Ltd established in the Cayman Islands.
Full details of the Sukuk including prospectus and structure can be found in the Sukuk.com Sukuk Database, the leading resource of the Islamic Finance industry.