PHOTO
Sharjah Islamic Bank (SIB) has tightened the price of its $500 million benchmark perpetual non-call 6-year AT1 sukuk offering, with the yield set at 6.125% from an IPT of 6.500% announced earlier in the day.
Books were over $1 billion, excluding JLM interest.
SIB, which is Sharjah’s largest bank by total assets, is rated A- by S&P (negative outlook) and BBB+ by Fitch (stable outlook).
The lender said the Mudaraba offering will be a part of SIB’s $500 million Additional Tier 1 Capital Certificates programme.
Arqaam Capital, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, Kamco Invest, Mashreq and Standard Chartered Bank have been appointed as Joint Lead Managers and Joint Bookrunners for the Reg S fixed rate resettable unrated offering.
The issue date for the offering is June 4, 2025 and it will trade on Euronext Dublin and Nasdaq Dubai.
(Writing by Bindu Rai, editing by Seban Scaria)
