Sharjah breaks EM FIG silence

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By Ross Lancaster
17 Jun 2020

Sharjah Islamic Bank’s sukuk trade on Tuesday showed that emerging market bond investors are eager to buy the right FIG paper, which has been lacking from recent new issuance.

A3/A-/BBB+ rated Sharjah attracted $3.6bn of demand from about 150 accounts for its $500m five year. Its lead banks priced the trade with a 245.8bp spread over mid-swaps, equating to a 2.85% yield. A banker on the deal put new issue premium in negative territory (see bond comments ...

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