Published on 10/28/2020 in the Prospect News Emerging Markets Daily.
New Issue: Sharjah prices $250 million tap of 3.234% sukuk due 2029 to yield 2¾%
By Rebecca Melvin
New York, Oct. 28 – Sharjah Sukuk Programme Ltd., acting on behalf of the Government of Sharjah, priced a $250 million reopening of its 3.234% sukuk due Oct. 23, 2029 (BBB) at 103.822 to yield 2¾%, or 203.6 basis points over mid-swaps, according to a market source.
Dubai Islamic Bank, HSBC, Sharjah Islamic Bank and Standard Chartered Bank were managers of the deal.
The new notes will be added to form one series with the original $750 million 10-year sukuk, which priced in October 2019.
| Issuer: | Sharjah Sukuk Programme Ltd.
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| Issue: | Tap of notes
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| Amount: | $250 million
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| Maturity: | Oct. 23, 2029
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| Underwriters: | Dubai Islamic Bank, HSBC, Sharjah Islamic Bank and Standard Chartered Bank
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| Profit rate: | 3.234%
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| Price: | 103.822
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| Yield: | 2¾%
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| Spread: | Mid-swaps plus 203.6 bps
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| Pricing date: | Oct. 28
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| Settlement date: | Nov. 5
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| Rating: | S&P: BBB
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| Total deal size: | $1 billion
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