Sharjah pushes maturity profile out amid volatile backdrop

AdobeStock_UAE_euro_575x375_02March2021
By Mariam Meskin
04 Mar 2021

On Wednesday, the Emirate of Sharjah sold a $1.25bn dual tranche bond. Though the issuer conceded that market conditions were not "perfect", given sustained volatility in US Treasuries, this week’s deal allowed the state to extend its credit curve.

The dual tranche Reg S/144A $1.25bn bond consists of a $750m 3.625% March 2033 tranche and a $500m 4.375% March 2051 tranche. The final order book exceeded $2.7bn.

The shorter clip was priced at a yield of 3.625% and a spread of 215.5bp over US Treasuries, while the ...

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