Moving away from LIBOR: Islamic Development Bank issues SOFR-linked sukuk

The Jeddah-based Islamic Development Bank has issued its first-ever Secured Overnight Financing Rate (SOFR)-linked sukuk in the global capital markets. The Bank, rated Aaa/AAA/AAA by Moody’s, S&P and Fitch (all stable outlook), successfully closed the debut SOFR-linked issuance, its second sukuk of the year, under its recently updated $25 billion…