New Issue: Bank of Sharjah prices $500 million 4.23% five-year bonds at mid-swaps plus 225 bps

By Paul A. Harris

Portland, Ore., Feb. 28 – United Arab Emirates-based Bank of Sharjah priced a $500 million issue of 4.23% five-year senior notes (Fitch BBB-) at a 225 basis points spread to mid-swaps on Tuesday, according to a market source.

The spread came on top of final spread talk, and through initial talk of mid-swaps plus 250 bps, sources said.

Joint bookrunner JPMorgan will bill and deliver. Bank ABC, Emirates NBD Capital and National Bank of Abu Dhabi were joint bookrunners.

Issuer:	Bank of Sharjah
Amount:	$500 million
Maturity:	March 7, 2022
Securities:	Senior notes
Bookrunners:	JPMorgan (bill and deliver), Bank ABC, Emirates NBD Capital, National Bank of Abu Dhabi
Coupon:	4.23%
Price:	Par
Yield:	4.23%
Spread:	Mid-swaps plus 225 bps
Trade date:	Feb. 28
Settlement date:	March 7
Rating:	Fitch: BBB+
Distribution:	Regulation S
Price talk:	Mid-swaps plus 225 bps

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