IslamicFinance.de

The Sharjah government has raised Dh2 billion through sukuk to support its economy, corporates, SMEs, individuals and banking sector during the coronavirus crisis. Bank of Sharjah was appointed as sole lead manager and arranger for the issuance. The certificates will pay a profit rate of 1.5 per cent and mature in May 2021. Sharjah also listed $200 million sukuk on Nasdaq Dubai in March 2020. S&P Global Ratings lowered Sharjah's outlook to negative last month and affirmed its long-term rating at BBB, the second-lowest investment grade.

The emirate of Sharjah is targeting a five-year sukuk offering and could launch a transaction as early as this week, a document from lead arrangers showed on Tuesday. The sovereign finished roadshows on Monday in London, following investor meetings in the Middle East and Asia last week, and was now in the process of receiving feedback from the market, the document added. The emirate mandated Bank Of Sharjah, Barclays, Commerzbank, Dubai Islamic Bank, HSBC and Sharjah Islamic Bank to arrange the meetings and the possible transaction. Sharjah was reported to be planning to raise funds through a dollar-denominated sukuk of benchmark size, in what could be the first sovereign Islamic bond issuance from the region this year.

The emirate of Sharjah has picked six banks to arrange investor meetings starting next week ahead of a potential dollar-denominated sukuk issue, a document from lead arrangers showed on Wednesday. The sovereign has mandated Bank Of Sharjah, Barclays, Commerzbank, Dubai Islamic Bank, HSBC and Sharjah Islamic Bank to arrange the transaction. Investor meetings will be held starting Sunday in the Middle East, Asia and the United Kingdom and a deal will follow subject to market conditions, the document added.