June 16, 2020 / 11:54 AM / a month ago

UPDATE 1-Sharjah Islamic Bank sells $500 million in five-year sukuk - document

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By Yousef Saba

DUBAI, June 16 (Reuters) - Sharjah Islamic Bank sold $500 million in five-year U.S. dollar-denominated sukuk at 2.85% on Tuesday, a document showed.

SIB received more than $3.4 billion in orders for the Islamic bonds, the document from one of the arranging banks showed.

The bank tightened the spread after it gave an initial price guidance of 285-290 basis points over midswaps for the sukuk earlier in the day.

The debt sale comes after Dubai Islamic Bank (DIB), the largest Islamic lender in the United Arab Emirates, sold $1 billion in sukuk last week.

DIB’s deal was the first international public sukuk issuance by a Gulf bank since the twin shock of the coronavirus pandemic and an oil price slump hit the region’s debt markets.

Standard Chartered, Bank ABC, Citi, DIB, Emirates NBD Capital, First Abu Dhabi Bank, the Islamic Corporation for the Development of the Private Sector, KFH Capital and Mashreqbank arranged Sharjah Islamic Bank’s issuance.

Reporting by Yousef Saba; Editing by Muralikumar Anantharaman and Edmund Blair

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