DUBAI, Jan 20 (Reuters) - The emirate of Sharjah has priced a $500 million five-year Islamic bond issue on Wednesday, a document from lead arrangers showed, marking the first sovereign sukuk issuance from the Gulf region this year.
Final pricing for the Islamic bond, which will carry a coupon of 3.839 percent, was set at a spread of 250 basis points over midswaps, the document showed, at around the same level as the initial price thoughts set on Tuesday.
Sharjah finished roadshows on Monday in London, following investor meetings in the Middle East and Asia last week.
The deal for the emirate, rated A3 by Moody's and A by Standard & Poor's, was arranged by Bank Of Sharjah, Barclays, Commerzbank, Dubai Islamic Bank, HSBC and Sharjah Islamic Bank.
(Reporting by Archana Narayanan; Editing by David French) ((archana.narayanan@thomsonreuters.com; +971 445 36240; Reuters Messaging: archana.narayanan.thomsonreuters.com@reuters.net))
Final pricing for the Islamic bond, which will carry a coupon of 3.839 percent, was set at a spread of 250 basis points over midswaps, the document showed, at around the same level as the initial price thoughts set on Tuesday.
Sharjah finished roadshows on Monday in London, following investor meetings in the Middle East and Asia last week.
The deal for the emirate, rated A3 by Moody's and A by Standard & Poor's, was arranged by Bank Of Sharjah, Barclays, Commerzbank, Dubai Islamic Bank, HSBC and Sharjah Islamic Bank.
(Reporting by Archana Narayanan; Editing by David French) ((archana.narayanan@thomsonreuters.com; +971 445 36240; Reuters Messaging: archana.narayanan.thomsonreuters.com@reuters.net))
