June 10, 2020 / 1:21 PM / a month ago

Sharjah Islamic Bank hires banks for dollar sukuk - sources

DUBAI, June 10 (Reuters) - Sharjah Islamic Bank has hired banks to arrange the sale of benchmark dollar sukuk, three sources with knowledge of the matter told Reuters.

The sukuk issuance was likely to be soon, two of the sources said on Wednesday, adding that the banks appointed were Sharjah Islamic Bank’s relationship lenders.

The size was likely be $500 million, but this could be more if demand is strong, one of the sources said.

Sharjah Islamic Bank, which had $500 million sukuk which matured in March, did not immediately respond to a request for comment from Reuters.

The potential debt sale comes on the heels of Dubai Islamic Bank, the United Arab Emirates’ largest Islamic lender, selling $1 billion in sukuk on Tuesday.

DIB’s deal was the first international public sukuk issuance by a Gulf bank since the twin shock of the coronavirus pandemic and an oil price slump hit the region’s debt markets.

The emirate of Sharjah also sold $1 billion in sukuk last week. (Reporting by Yousef Saba; Additional reporting by Davide Barbuscia; Editing by Alexander Smith)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below