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Islamic Development Bank Transitions to SOFR from LIBOR Benchmark

The bank becomes the first SOFR-linked Sukuk with AAA ratings in the Islamic capital market

The Global Economics by The Global Economics
April 26, 2021
in Finance, Trending
Reading Time: 1 min read
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Islamic Development Bank Transitions to SOFR from LIBOR Benchmark

Islamic Development Bank Transitions to SOFR from LIBOR Benchmark

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The Islamic Development Bank (IsDB) has announced the issuance of its first Secured Overnight Financing Rate (SOFR)-linked Sukuk. 

After the successful closing of its SOFR-linked issuance, the bank was rated Aaa/AAA/AAA by Moody’s Investors Service, Fitch Group, and Standard and Poor’s as the bank updated its $25 billion Trust Certificate Issuance Programme. 

The LIBOR (London Inter-bank Offered Rate) is the most used interest rate benchmark globally in the current financial system. The benchmark provides an indication of the average rate at which a group of banks could get wholesale unsecured funding. While SOFR, the overnight rating rate for US-denominated derivatives and loans, can foster long-term liquidity and result in significant short-term trading volatility in derivatives. 

IsDB’s transition to SOFR, the new global benchmark will be phased out by June 2023. The debut with SOFR is a three-year Floating Rate Note (FRN) that resulted in US$400 million from one investor on a Private Placement basis. 

In a statement, the President of IsDB, Dr. Bandar Hajjar stated that the transaction is another pioneering effort of the bank as the Sukuk market leader in the Islamic capital market.

Tags: bandarhajjarFitchgroupfloatingratenetworkfloatingratenoteIsDBLIBORlondoninterbankofferedrateSkukuSOFRTheislamicdevelopmentbank
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The Global Economics

The Global Economics Limited is a UK based financial publication and a bi-annual business magazine giving thoughful insights into the financial sectors on various industries across the world. Our highlight is the prestigious country specific Annual Global Economics awards program where the best performers in various financial sectors are identified worldwide and honoured.

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