Bank of Sharjah has successfully acted as Joint Lead Manager and Bookrunner in the issuance of a USD 550 Million five-year senior unsecured Sukuk for Ittihad International Investment LLC, alongside other international and regional banks.

The transaction witnessed exceptional investor demand, with the order book oversubscribed more than four times, reaching USD 2 billion. This strong response highlights the confidence of both regional and international investors in Ittihad International’s credit strength and resilient business model. The Group’s recent credit rating upgrade by Fitch and S&P from “B+” to “BB-” further reinforced market appetite, reflecting its solid financial performance and sound fundamentals.

Initially marketed as a benchmark-sized deal, the robust demand enabled the issuer to tighten pricing by 50 basis points to 7.375% from the initial guidance, while increasing the deal size to USD 550 million.

Commenting on the transaction, Mr. Mohamed Khadiri, CEO of Bank of Sharjah, said: “Following Ittihad International’s successful debut Sukuk issuance of USD 350 million in 2023, this new transaction marks another significant achievement for the Group. The company was able to upsize the issuance, achieve a notably lower coupon, and attract strong international participation, with 65% of allocations made to investors outside the MENA region.”

Mr. Khadiri continued: “Bank of Sharjah’s participation in this transaction reflects our ongoing commitment to supporting UAE corporates in achieving their funding objectives through well-structured financing and capital market solutions. We are proud to contribute to initiatives that deepen market access and reinforce the UAE’s position as a leading financial center.”

In turn, Mr. Damian White, Chief Treasury Officer at Bank of Sharjah, added: “We are delighted to have been part of Ittihad International’s Sukuk issuance. The outcome highlights the success of a well-executed distribution strategy, the issuer’s strengthened credit fundamentals, and the continued investor confidence in the UAE’s resilient and diversified economic outlook.”

About Bank of Sharjah:

Bank of Sharjah was established on December 22, 1973, through a decree issued by His Highness Sheikh Dr. Sultan bin Muhammad Al Qasimi, UAE Supreme Council Member and Ruler of Sharjah. Banking operations started in May 1974. The Bank was the first commercial bank in Sharjah, the fifth in the Federation and the first to make 40% of its capital available for public subscription.

For media inquiries, please contact:
Amir AlSalous
Chief Marketing and Corporate Communications Officer, Bank of Sharjah