[DUBAI] International Finance Corp (IFC), a unit of the World Bank, has set initial price thoughts for a US$100 million sukuk, which may be price as early as Wednesday, a document from lead arrangers showed.
The initial guidance for the five-year floating rate note is at around 6 month Libor minus 10 basis points, the document showed. The average life of the bond - the average time before the principal is expected to be repaid - is 3.75 years.
IFC has picked Dubai Islamic Bank, HSBC, National Bank of Abu Dhabi and Standard Chartered as joint lead managers for the sukuk transaction, the document showed.
The sukuk will have a wakala structure and will be listed on Nasdaq Dubai and London Stock Exchange. Under wakala terms, one party acts as an agent managing assets for another.