Sharjah launches $1 billion seven-year sukuk; Atento prices add on; Silknet joins calendar

By Rebecca Melvin

New York, March 26 – The government of the Emirate of Sharjah launched a $1 billion seven-year sukuk, or Islamic bond, on Tuesday and other deals trickled in, including Atento SA’s $100 million add on to its 6 1/8% senior secured notes due 2022, as the secondary market remained firm and investors eyed conclusion of the first quarter of 2019 this week.

The Sharjah notes were launched to yield mid-swaps plus 155 basis points, which represented pricing that was tightened from initial talk at mid-swaps plus 180 bps. Order books were said to have reached $4.3 billion at the time of launch. The new issue premium for the notes was said to be very small.

And Indian Railway Finance Corp. Ltd. priced $500 million five-year notes that were priced under the company’s $2 billion euro medium-term note program.

Meanwhile, Georgia’s telecommunications company Silknet JSC announced plans to price U.S. dollar-denominated five-year senior notes. The notes are non-callable for three years, and the deal size is expected to total $200 million.

Proceeds are expected to be used mainly to refinance the company’s existing debt.

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