Sharjah pulls in big catch for EMBI-eligible $1bn sukuk

The Government of Sharjah has launched its $1bn seven year sukuk with books for the deal in excess of $4.3bn. A banker on the deal put the new issue premium paid at 0bp-5bp and said that 'this was the result we were aiming for', given that this is the first deal from the Emirate printed with eligibility for the JP Morgan emerging market bond indices.

  • By Francesca Young
  • 26 Mar 2019

Initial price guidance for the deal started at 180bp over mid-swaps on Tuesday morning in London before the spread for the deal was set at 155bp over.

Bank ABC, Dubai Islamic, HSBC, KfH Capital, Sharjah Islamic Bank and Standard Chartered arranged the sukuk.

The deal is ...

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