Islamic Development Bank set to raise 1 bln euro in green sukuk

The “green” sukuk will be denominated in euros. (File photo: AP)

Jeddah-based Islamic Development Bank is set to raise 1 billion euro ($1.10 billion) through five-year “green” sukuk, or Islamic bonds, a document showed on Wednesday.

The triple-A rated financial institution is offering investors 28 basis points over mid-swaps for the debt sale.

Green bonds are a growing category of fixed-income securities, and green sukuk could widen the appeal of Islamic bonds beyond traditional markets in Asia and the Middle East to include ethical investors in Western countries.

Last Update: Wednesday, 20 May 2020 KSA 09:56 - GMT 06:56