World Bank-linked IFFI prices $500 mln 3-yr sukuk - banks

* Debut sukuk deal for IFFI

* $500 mln priced at 15 bps over 3-month Libor- banks (Adds pricing details, context)

DUBAI, Nov 27 (Reuters) - The International Finance Facility for Immunisation Co. (IFFI), for which the World Bank acts as treasury manager, has launched a $500 million debut Islamic bond issue, a document from the banks arranging the sale showed.

The three-year sharia-compliant floating rate note has been priced at 15 basis points over the three-month London interbank offered rate, the document showed. This compares with a range of 15 to 17 basis points over three-month Libor in pricing details issued on Wednesday.

Orders worth more than $700 million were placed by investors for the sukuk, which has a structure known as murabaha. Murabaha is an cost-plus-profit arrangement where one party agrees to buy merchandise for another at an agreed mark-up.

Qatar's Barwa Bank, Malaysia's CIMB, National Bank (NYSE: NBHC - news) of Abu Dhabi, the investment banking arm of Saudi Arabia's National Commercial Bank, and Standard Chartered arranged the transaction.

Bank Islam Brunei Darussalam and Union National Bank joined as co-managers at the end of the process.

IFFI said in September it had chosen banks to arrange a potential Islamic bond, saying at the time the deal would be done before the end of the year, subject to market conditions. (Reporting by David French; Editing by Olzhas Auyezov and Jane Merriman)