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Bonds are issued by governments and corporations when they want to raise money. Image used for illustrative purpose. Image courtesy: Getty Images
The Government of the Emirate of Sharjah 7-year €500 million ($521 million) no grow, fixed rate Regulation S Senior unsecured bond offering was priced at mid-swaps + 245 basis points (bps), tighter than the price guidance.
The coupon payable is 4.625% annually. Settlement date is 13 February 2025.
Order book size was over €1.7 billion, 3.4 times oversubscribed.
Investors from the UK dominated at 45% while those from MENA accounted for 26% of the book. Asset managers were the biggest subscribers at 59% with banks following at 27%.
Abu Dhabi Commercial Bank, Bank of Sharjah, Crédit Agricole CIB, Emirates NBD Capital, HSBC, IMI-Intesa Sanpaolo and J.P. Morgan acted as joint lead managers and joint bookrunners.
(Writing by Brinda Darasha; editing by Imogen Lillywhite)
