Emirate of Sharjah Sells US dollar-denominated 8-Year Sukuk

The Emirate of Sharjah, in the United Arab Emirates (UAE), has started accepting orders for 8-year US dollar-denominated Islamic bonds (sukuk). According to a bank document, Sharjah's initial pricing guidance for the sukuk was between 155 and 160 basis points (bps) over seven-year US Treasury.

Why it Matters?

The sukuk is anticipated to be launch later on Monday, with a benchmark size of at least $500 million.

Details

The global coordinator is Standard Chartered STAN.L.According to the document, the joint lead managers and bookrunners include Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Al Rajhi Capital, Dubai Islamic Bank, First Abu Dhabi Bank, National Bank of Bahrain, and Sharjah Islamic Bank.

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