Govt of Sharjah to raise $500mn sukuk, to price as early as Weds

DUBAI: The emirate of Sharjah will raise $500 million through a five-year sukuk transaction, which could price as early as Wednesday, a document from lead arrangers showed.

The sovereign is currently retaining the pricing, as announced on Tuesday, in the area of 250 basis points over midswaps for the Islamic bond, the document showed.

Sharjah finished roadshows on Monday in London, following investor meetings in the Middle East and Asia last week.

Sharjah, rated A3 by Moody's and A by Standard & Poor's, has appointed Bank Of Sharjah, Barclays, Commerzbank, Dubai Islamic Bank, HSBC and Sharjah Islamic Bank to arrange the deal.