The International Finance Facility for Immunisation Co (IFFI), for which the World Bank acts as treasury manager, plans to sell a dollar-denominated Islamic bond on Thursday, a document from arranging banks showed.

IFFI will look to sell a three-year sukuk of benchmark size - traditionally understood to mean in excess of $500 million - and will pay an interest rate between 15 basis points and 17 basis points over the three-month London interbank offered rate (Libor).

Qatar's Barwa Bank, Malaysia's CIMB, National Bank of Abu Dhabi, the investment banking arm of Saudi Arabia's National Commercial Bank, and Standard Chartered are arranging the transaction.

IFFI is rated AA by Standard and Poor's and AA+ by Fitch.