Bank Of Sharjah Becomes Joint Lead Manager In US$750 Million Sukuk Issuance For The Government Of Sharjah "This issuance not only supports Sharjah's ambitious infrastructure projects but also showcases our dedication to providing innovative financing solutions that align with the needs of our clients and investors."
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Bank Of Sharjah, one of the premier commercial banks in the UAE, has acted as a joint lead manager in the issuance of a US$750 million, 10.5-year US Dollar-denominated 144A/Reg S Sukuk for the Government of Sharjah. The round also saw the participation of other international and regional banks.
The issuance received strong interest from investors, with a peak order book of $2.6 billion. The Sukuk was launched with initial price guidance of US Treasuries plus a spread of +175 basis points area, with final pricing at 140 basis points over US Treasuries. Additionally, 34% of total orders came from outside the MENA region.
"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 "This issuance not only supports Sharjah's ambitious infrastructure projects but also showcases our dedication to providing innovative financing solutions that align with the needs of our clients and investors."
Khadiri also noted that the interest exhibited by both local and international investors has been a testament to the confidence in Sharjah's economic stability and fiscal discipline. "Our collaborative efforts with esteemed partners have enabled us to effectively structure this Sukuk, ensuring it meets the needs of a diverse investor base while reinforcing Sharjah's position in the global capital markets," he added. "At Bank of Sharjah, we are committed to providing financial solutions that drive economic progress. This Sukuk issuance is an important step in strengthening our support for the Government of Sharjah, and we are excited to continue partnering with them and other key stakeholders to facilitate their growth and development objectives."
On his part, Damian White, Head of Treasury at Bank of Sharjah, added that this Sukuk issuance is a key milestone in the bank's efforts to further enhance financial collaboration with the Government of Sharjah. "The proactive approach taken to engage with global investors reflects the Issuer's commitment to delivering value and the Bank's resolve to ensure strong liquidity for the Emirate," White said. "By facilitating this transaction, we are not only addressing the financing needs of the government but also showcasing Sharjah's robust economic fundamentals and investment potential."
