Published on 9/10/2014 in the Prospect News Emerging Markets Daily.
New Issue: Sharjah sells $750 million 3.764% notes due 2024 at par to yield 110 bps over mid-swaps
By Christine Van Dusen
Atlanta, Sept. 10 –The Emirate of Sharjah sold $750 million 10-year Islamic bonds (A3/A/) at par to yield 3.764%, or mid-swaps plus 110 basis points, on Wednesday, a market source said.
The notes were talked at a spread in the 120 bps area.
HSBC, Kuwait Finance House, National Bank of Abu Dhabi, Sharjah Islamic Bank and Standard Chartered Bank were the bookrunners for the Regulation S deal.
Issuer: | Emirate of Sharjah
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Amount: | $750 million
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Maturity: | Sept. 17, 2024
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Description: | Islamic bonds
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Bookrunners: | HSBC, Kuwait Finance House, National Bank of Abu Dhabi, Sharjah Islamic Bank, Standard Chartered Bank
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Coupon: | 3.764%
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Price: | Par
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Yield: | 3.764%
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Spread: | Mid-swaps plus 110 bps
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Trade date: | Sept. 10
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Settlement date: | Sept. 17
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Ratings: | Moody’s: A3
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| Standard & Poor’s: A
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Distribution: | Regulation S
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Price talk: | Mid-swaps plus 120 bps area
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