Abu Dhabi – Mubasher: Bank of Sharjah acted as a joint lead manager and book-runner in the issuance of a $750 million bond for the Government of Sharjah.

The listed lender issued the 12-year U.S. dollar-denominated 144A/Reg S senior unsecured sustainable bond with the participation of other international and regional banks, according to a press release.

The offering attracted significant investor interest, with an order book exceeding $4 billion due to the robust demand.

Priced with a spread of 195 basis points over U.S. Treasuries, lower than the initial guidance of 235 basis points, the issuance reflected the strong appetite for the government's credit from global investors outside the region accounting for 67% of total demand.

Mohamed Khadiri, CEO of Bank of Sharjah, commented: "Bank of Sharjah remains dedicated to providing a dynamic suite of sustainable financing solutions amid increasing demand from both local and regional clients”.

“This successful deal is another testament to Bank of Sharjah's continued commitment to [environmental, social and governance] ESG principles and sustainable financing,” Khadiri added.

The CEO underlined: “These financing solutions can act as a catalyst for them to align their operations and investments with global sustainability benchmarks and drive significant and positive change.”

During the January-December 2023 period, the bank incurred net losses worth AED 241 million, an annual hike of 52% from AED 159 million.