Despite an uncertain market environment, IDB's AAA ratings, strong financial position and commitment to support the liquidity of its sukuk made a compelling story for investors. The success of IDB's transaction was underpinned by investor meetings across key hubs of Asia, Middle-East and Europe.
The issue saw strong participation from investors across the Middle East, Asia and Europe. The distribution saw dominated by MENA (59%), 27% to Asia, and 14% to Europe. Forty-three percent was allocated to central banks, followed by 34% to banks, 12% to fund managers and 11% to other investor types.
The Trust Certificates will be listed on the London Stock Exchange, Nasdaq Dubai and Bursa Malaysia under an Exempt Regime. CIMB, First Gulf Bank, GIB Capital, HSBC, Maybank, National Bank of Abu Dhabi, Natixis and Standard Chartered Bank acted as joint lead managers and joint bookrunners, with Bank of London and Middle East and NCB Capital as co-managers.
Dr Abdul Aziz Hinai, Vice President, Finance, IDB, who led the delegation for the roadshow commented: "We are very delighted with the outcome of the deal, which achieved our main objectives for the transaction to build on the success of the deal in February 2014 in order to establish another liquid benchmark and further position IDB in line with its supranational peer group. I am particularly happy to see that the deal was placed into a high-quality and diversified order book, including a number of first-time investors to the IDB credit."