Dubai, Reuters—The Islamic Development Bank, a Jeddah-based multilateral institution, set price guidance for a USD 1 billion Islamic bond sale on Tuesday, a statement from the lead banks arranging the issue showed.

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 document said.

IDB was scheduled to meet with investors in the Middle East, Asia and Europe beginning May 25. The deal is expected to price on Wednesday.

Banks arranging the sukuk are Qatar’s Barwa Bank, Credit Agricole, CIMB, National Bank of Abu Dhabi , Natixis, NCB Capital—the investment banking arm of Saudi’s National Commercial Bank, Royal Bank of Scotland and Standard Chartered.

Last week, the bank which provides financing and loans in Muslim countries, more than tripled its authorized capital to USD 150 billion to better support development projects in its 56 member nations.