Sharjah, the third-largest emirate of the United Arab Emirates, started marketing a 10-year dollar sukuk, or Islamic bonds, at around 185 basis points over midswaps, a document showed.
HSBC is coordinating the transaction, which is expected to close later on Wednesday.
Other banks involved in the deal are Dubai Islamic Bank, Emirates NBD Capital, Sharjah Islamic Bank and Standard Chartered, according to the document.
The bonds are expected to be of benchmark size, which generally means upwards of $500 million.
Source Reuters