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Wednesday, 11 March 2015

UAE's Sharjah Islamic Bank prices $500 mln 5-yr sukuk

Sharjah Islamic Bank (SIB) priced a $500 million sukuk of five years duration on Tuesday, a document from lead managers showed.
The Islamic bond was priced at a spread of 110 basis points over midswaps and carried a profit rate of 2.843 percent, the document said.
The final spread was at the tight end of price guidance issued earlier in the day of 115 bps, plus or minus 5 bps, over the benchmark. The order book was worth around $3 billion, the earlier update from lead managers showed.

SIB's sukuk was arranged by Abu Dhabi Islamic Bank , Al Hilal Bank, Dubai Islamic Bank, Emirates NBD, HSBC, KFH Investment and Standard Chartered and was sold after a series of investor meetings in Asia and Europe. 
(Reuters / 10 March 2015)
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Islamic Investment Malaysia: www.islamic-invest-malaysia.com

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