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Sharjah Islamic Bank raises $500m sukuk

Sharjah Islamic Bank raises $500m sukuk
The bank’s AT1 Sukuk yield is the lowest in the region
Sharjah Islamic Bank
NBS
-0.88% 1.13 -0.01

Abu Dhabi – Mubasher: Sharjah Islamic Bank (SIB), listed on the Abu Dhabi Securities Exchange (ADX), on Wednesday said it has raised $500 million in its debut Additional Tier 1 (AT1) sukuk at the lowest price of 5%.

Accordingly, the bank’s AT1 Sukuk yield is the lowest in the region, down from 5.25% in 2015, according to a press release.

The ADX-listed lender has received orders of $4.8 billion or 9.5x oversubscription from many investors, as well as nearly 209 individual orders from Asia, GCC, and Europe.

“As part of the contractual terms, the sukuk is a Non Call 6 years Perpetual Instrument which will reset to 6 years Treasuries in 2025,” SIB added.

SIB has appointed Citi, HSBC, and Standard Chartered Bank as joint global coordinators, the bank highlighted.

Moreover, it hired Joint Structuring Agents along with Abu Dhabi Islamic Bank, Bank ABC, Citi, Deutsche Bank, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, KFH Capital, and Standard Chartered Bank as the joint lead managers and joint bookrunners.