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Sharjah Islamic Bank (SIB), rated A- by S&P and BBB+ by Fitch, tightened the price on its Regulation S only five-year $500 million (will not grow) fixed rate, sukuk to +95 basis points over US Treasures from the initial price thoughts in T+125bps area.
The coupon was set at 4.60%, with a yield of 4.651%.
The orderbook grew in excess of $1.3 billion at launch, excluding JLM interest.
The Wakala offering will come under SIB Sukuk Company III Limited’s $3 billion Trust Certificate Issuance Programme, with SIB listed as the obliger.
The senior unsecured sukuk will be listed on Euronext Dublin and Nasdaq Dubai.
Emirates NBD Capital and Standard Chartered Bank were appointed joint global coordinators, while Ajman Bank, Bank ABC, Dubai Islamic Bank, First Abu Dhabi Bank, HSBC, Mashreq and The Islamic Corporation for the Development of the Private Sector, were joint lead managers and joint bookrunners on the issuance.
The latest issuance by SIB follows two previous debt outings this year, including a $500 million senior unsecured sukuk in February and a $500 million benchmark perpetual non-call six-year AT1 sukuk in May.
(Writing by Bindu Rai, editing by Seban Scaria)
