Sharjah launches $1 billion offering of seven-year sukuk to yield mid-swaps plus 155 bps

By Rebecca Melvin

New York, March 26 – The government of the Emirate of Sharjah launched a $1 billion seven-year sukuk, or Islamic bond, on Tuesday to yield mid-swaps plus 155 basis points, according to a market source.

Pricing was tightened from initial price talk at mid-swaps plus 180 bps.

Order books for the deal have reached $4.3 billion.

Bank ABC, Dubai Islamic Bank, HSBC, KfH Capital, Sharjah Islamic Bank and Standard Chartered are bookrunners for the notes.

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