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The Government of Sharjah has mandated regional and international banks to arrange a benchmark-sized, USD-denominated sukuk offering under its existing issuance program.
The emirate, rated Ba1 by Moody’s and BBB- by S&P, plans to issue a 10.5-year senior unsecured sukuk through Sharjah Sukuk Programme Limited, subject to market conditions.
HSBC has been named sole global coordinator, alongside joint lead managers including Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Ajman Bank, Bank ABC, Bank of Sharjah, Dubai Islamic Bank, Emirates NBD, First Abu Dhabi Bank, GIB Capital, Sharjah Islamic Bank, and Standard Chartered.
The transaction will be offered under Rule 144A and Regulation S.
A series of fixed-income investor meetings are set to begin on November 17.
The offering falls under the emirate’s strategy to diversify funding sources and extend its debt maturity profile.
(Writing by Brinda Darasha; editing by Seban Scaria)
