By Rebecca Melvin
New York, March 27 – Sharjah Sukuk Programme Ltd., acting on behalf of the Government of Sharjah, priced a $1 billion seven-year sukuk, or Islamic bond (A3/BBB+), at par to yield mid-swaps plus 155 basis points, according to a syndicate source on Wednesday.
Pricing of the Regulation S notes, which have a distribution rate of 3.854%, was tightened from initial price talk at mid-swaps plus 180 bps.
Order books for the deal reached $4.3 billion ahead of the launch.
HSBC and Standard Chartered Bank were global coordinators and joint lead managers, together with joint lead managers Bank ABC, Dubai Islamic Bank, KfH Capital and Sharjah Islamic Bank.
| Issuer: | Sharjah Sukuk Programme Ltd.
|
| Guarantor: | Government of Sharjah
|
| Issue: | Sukuk
|
| Amount: | $1 billion
|
| Maturity: | April 3, 2026
|
| Bookrunners: | HSBC, Standard Chartered Bank, Bank ABC, Dubai Islamic Bank, KfH Capital and Sharjah Islamic Bank
|
| Distribution rate: | 3.854%
|
| Price: | Par
|
| Yield: | 3.854%
|
| Spread: | Mid-swaps plus 155 bps
|
| Pricing date: | March 26
|
| Settlement date: | April 3
|
| Ratings: | Moody’s: A3
|
| S&P: BBB+
|
| Distribution: | Regulation S
|
| Price talk: | Mid-swaps plus 180 bps
|
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