Islamic Development Bank (IDB), a Jeddah-based multilateral institution, said it has set price guidance for a $1 billion Islamic bond sale.

The AAA-rated bank, whose largest shareholder is Saudi Arabia, is offering a price guidance of midswaps plus high 30 basis points for the five-year sukuk. The deal is expected to price today.

Banks arranging the sukuk are Qatar's Barwa Bank, Credit Agricole, CIMB, National Bank of Abu Dhabi, Natixis, NCB Capital, Royal Bank of Scotland and Standard Chartered.-Reuters