UAE’s Sharjah Islamic Bank prices $500m 5-year sukuk

Sharjah Islamic Bank (SIB) priced a $500 million sukuk of five years duration on Tuesday, a document from lead managers showed.

The Islamic bond was priced at a spread of 110 basis points over midswaps and carried a profit rate of 2.843 per cent, the document said.

The final spread was at the tight end of price guidance issued earlier in the day of 115 bps, plus or minus 5 bps, over the benchmark. The order book was worth around $3 billion, the earlier update from lead managers showed.

SIB’s sukuk was arranged by Abu Dhabi Islamic Bank, Al Hilal Bank, Dubai Islamic Bank, Emirates NBD, HSBC, KFH Investment, Noor Bank and Standard Chartered and was sold after a series of investor meetings in Asia and Europe.

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