Jeddah-based Islamic Development Bank sold $2 billion in five-year Sukuk at 40 basis points over mid-swaps, a document from one of the lead banks on the deal showed on Wednesday.

The bank tightened the spreads after it had begun marketing the notes at the high 40s bps over mid-swaps on Tuesday.

The bank, rated triple-A by Moody's, S&P and Fitch, hired Citi, Dubai Islamic Bank, HSBC, Islamic Corporation for the Development of the Private Sector, LBBW, Natixis and Standard Chartered Bank to arrange the deal.

The issuance is under Islamic Development Bank's $25 billion trust certificate issuance programme.