By Rebecca Melvin
New York, April 11 – Sharjah Islamic Bank PJSC priced a $500 million five-year sukuk, or Islamic bond, at par for a profit rate of 4.231%, or spread over mid-swaps of 150 basis points, according to a syndicate source.
The notes (expected rating: A3) were issued by SIB Sukuk Co. III Ltd.
HSBC and Standard Chartered Bank were global coordinators and also joint lead managers and bookrunners together with Bank ABC, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank and Noor Bank of the Regulation S notes.
The lender is based in the emirate of Sharjah in the United Arab Emirates.
Issuer: | SIB Sukuk Co. III Ltd.
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Obligor: | Sharjah Islamic Bank PJSC
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Issue: | Sukuk
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Amount: | $500 million
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Maturity: | April 18, 2023
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Profit rate: | 4.231%
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Price: | Par
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Yield: | Mid-swaps plus 150 bps
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Pricing date: | April 11
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Settlement date: | April 18
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Expected rating: | Moody’s: A3
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Distribution: | Regulation S
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