Along with several international and regional institutions, Bank of Sharjah served as a Joint Lead Manager in the successful offering of a US$750 million, 10.5-year US dollar-denominated 144A\/Reg S Sukuk for the Government of Sharjah.
\nWith a high order book of $2.6 billion, the offering attracted significant investor interest, demonstrating the world’s confidence in the Government of Sharjah’s credit narrative.<\/p>\n
At introduction, the Sukuk was priced 140 basis points higher than US Treasuries, with initial guidance of US Treasuries plus a spread of +175 basis points. This tightening, with 34% of all orders coming from outside the MENA region, shows how strong investor demand is.<\/p>\n
“We are proud to have played a key role in this landmark Sukuk issuance for the Government of Sharjah, reflecting our deep commitment to the Emirate’s financial growth and development,” said Mohamed Khadiri, CEO of Bank of Sharjah.<\/p>\n
“The high level of interest from both domestic and foreign investors is evidence of the trust in Sharjah’s economic stability and fiscal restraint,” he added. We have successfully structured this Sukuk by working with reputable partners, guaranteeing that it satisfies the requirements of a wide range of investors and strengthens Sharjah’s standing in the international capital markets.<\/p>\n
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