‘Cusp’ credit Sharjah mandates for dollars but investors show caution
The Emirate of Sharjah is sounding out investors for a dollar bond syndication, just months after its last issue. Some investors, however, said they were wary that the issuer was on the cusp of becoming a sub-investment grade credit.
Sharjah has mandated banks to arrange investor calls before it seeks a dual tranche 12 and 30 year bond issue.
HSBC has been hired as sole global coordinator, while Bank ABC, Citi, Emirates NBD, HSBC, Mashreqbank and Standard Chartered were joint lead managers.Sharjah is the lowest rated of the four emirates ...