IDB adds Goldman Sachs, Drops JP Morgan as Sukuk Arranger

Photo : IDB

Goldman Sachs helps arrange Islamic Development Bank Sukuk

The triple A rated Islamic Development Bank in its regular Sukuk issuance dropped JP Morgan as an arranger, instead selecting Goldman Sachs to assist it in its $1.25 billion offering. JP Morgan had previously been an arranger in IDB’s two issuances the previous year when the Islamic supranational last issued a $1.25 billion offering achieving a better profit rate of 2.263% compared to this years 2.393%.

Busy Week in Saudi Arabia for Sukuk

The Saudi based IDB’s recent sukuk comes amidst a spike of Sukuk issuances from Saudi Arabia, most recently from Aramco and the Government of Saudi Arabia issuing its debut sovereign issuance.