Sharjah, UAE — Bank of Sharjah has acted as a joint lead manager and bookrunner in Sharjah government’s issuance of a $750 million, 12-year US dollar-denominated senior unsecured sustainable bond, alongside other international and regional banks.
The bond attracted significant investor interest, evidenced by an order book that exceeded $4 billion. The issuance was priced with a spread of 195 basis points over US Treasuries, significantly tighter than the initial guidance of 235 basis points, reflecting the strong appetite for the government’s credit from the international investors (outside the region) representing 67 percent of total demand.
Mohamed Khadiri, CEO of Bank of Sharjah, commented, “We are honored to have played a pivotal role in this landmark Bond issuance for the Government of Sharjah. Our involvement signifies Bank of Sharjah’s commitment to facilitating strategic, high-quality capital market transactions in the emirate of Sharjah and across the UAE.”
Khadiri added, “The overwhelming response from investors leading to the tightening of the spread highlights the confidence in Sharjah’s credit and the effective structuring and marketing strategy employed by the joint lead managers.”
