DUBAI - United Arab Emirates' Sharjah Islamic Bank has launched $500 million sukuk with a spread set at 150 basis points over mid-swaps, a document from one of the banks leading the deal showed.

Initial price guidance for the deal was in the area of 160 basis points over mid-swaps.

The planned Islamic bonds issue, which will price on Wednesday, has attracted around $950 million in orders, the document showed.

Sharjah Islamic Bank has appointed HSBC and Standard Chartered Bank as global coordinators and Bank ABC, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, Noor Bank, and Standard Chartered Bank as joint lead managers and bookrunners for the issue.

(Reporting by Davide Barbuscia; editing by Jason Neely) ((; +971522604297; Reuters Messaging: