The Emirate of Sharjah in the UAE Sells USD 1 Billion Seven-Year Sukuk

Sharjah, United Arab Emirates (UAE), sold USD 1 billion in seven-year Sukuk on the 2nd of June 2020, according to a document released from one of its issuing banks. According to media reports, the funds are to be used to allow the Emirate to bolster its financial situation, to survive the impacts of the COVID-19 pandemic, as well as the crash in oil prices.

The final spread for the Sukuk was set at 245 basis points (bps) over mid-swaps, which was tightened by 30 bps from the commencement of sales earlier in the day. The sale comes as various Gulf governments are looking to strengthen their financial position amidst the COVID-19 pandemic and historic low oil prices.

Sharjah, which reg...