New Issue: Sharjah sells $750 million 3.764% notes due 2024 at par to yield 110 bps over mid-swaps

By Christine Van Dusen

Atlanta, Sept. 10 –The Emirate of Sharjah sold $750 million 10-year Islamic bonds (A3/A/) at par to yield 3.764%, or mid-swaps plus 110 basis points, on Wednesday, a market source said.

The notes were talked at a spread in the 120 bps area.

HSBC, Kuwait Finance House, National Bank of Abu Dhabi, Sharjah Islamic Bank and Standard Chartered Bank were the bookrunners for the Regulation S deal.

Issuer:	Emirate of Sharjah
Amount:	$750 million
Maturity:	Sept. 17, 2024
Description:	Islamic bonds
Bookrunners:	HSBC, Kuwait Finance House, National Bank of Abu Dhabi, Sharjah Islamic Bank, Standard Chartered Bank
Coupon:	3.764%
Price:	Par
Yield:	3.764%
Spread:	Mid-swaps plus 110 bps
Trade date:	Sept. 10
Settlement date:	Sept. 17
Ratings:	Moody’s: A3
	Standard & Poor’s: A
Distribution:	Regulation S
Price talk:	Mid-swaps plus 120 bps area

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