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Wed 10 Sep 2014 02:03 PM

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Sharjah launches 10-year debut $750 sukuk

Document from lead arrangers says the emirate attracted orders of about $7.5bn for sukuk

Sharjah launches 10-year debut $750 sukuk
A general view of Sharjah.

The emirate of Sharjah launched its ten-year debut sukuk on Wednesday at a size of $750 million, a document from lead arrangers showed.

Final guidance was given at 110 basis points over midswaps. This is tighter than initial pricing guidance in the area of 120 bps over midswaps given on Tuesday. Initial pricing thoughts were the "low to mid-100s".

The emirate, which is issuing sukuk with an ijara structure, has garnered orders worth about $7.5 billion, the document added.

Sharjah, rated A/A3 by Standard and Poor's and Moody's Investors Service, has appointed HSBC, Kuwait Finance House, National Bank of Abu Dhabi, Sharjah Islamic Bank and Standard Chartered for the sukuk sale.

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