The emirate of Sharjah, the third-largest constituent of the United Arab Emirates, started marketing seven-year dollar sukuk with initial price guidance of around 180 basis points over mid-swaps, said a source with direct knowledge of the transaction.
The sale of the sukuk, or Islamic bonds, is expected to be concluded later on Tuesday.
Sharjah is also working on a liability management exercise, offering holders of its $500 million sukuk due in 2021 to tender for cash or switch into the new issue, IFR, a fixed income news service, reported last week.
Source Reuters