Sharjah soars to inaugural sukuk success

By Steven Gilmore
11 Sep 2014

The Emirate of Sharjah sold a $750m inaugural sukuk to a $7.8bn order book on Wednesday. The borrower brought in a host of conventional accounts in addition to a strong local bid, and watched its bond tighten 6bp in the secondary market despite pricing some 20bp-45bp inside the curves of regional comparables, according to debt bankers on the deal.

HSBC, Kuwait Finance House, National Bank of Abu Dhabi, Sharjah Islamic Bank and Standard Chartered began taking indications of interest on Sharjah’s debut in the low to mid-100s of basis points over mid-swaps on Tuesday. They set official guidance at 120bp area with books over $4bn ...

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