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Tue 9 Sep 2014 11:44 AM

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Sharjah sets initial price guidance for debut sukuk

Benchmark-sized sovereign sukuk could price on Wednesday, a document from lead managers claimed

Sharjah sets initial price guidance for debut sukuk

The emirate of Sharjah set initial price thoughts for its debut, benchmark-sized sovereign sukuk issue, which could price on Wednesday, a document from lead managers said on Tuesday.

Sharjah gave initial pricing guidance in the "low to mid-100s" over midswaps for its 10-year, US dollar sukuk.

Sharjah, rated A/A3 by Standard and Poor's and Moody's Investors Service, earlier appointed HSBC, Kuwait Finance House, National Bank of Abu Dhabi, Sharjah Islamic Bank and Standard Chartered to arrange roadshows, which end on Tuesday.

The sukuk issue has an ijara structure. Benchmark size is usually understood to be worth upwards of $500 million.