April 11, 2018 / 5:35 AM / 12 days ago

UAE's Sharjah Islamic Bank gives initial price guidance for dollar sukuk

DUBAI, April 11 (Reuters) - Sharjah Islamic Bank has given initial price guidance in the 160 basis points over mid-swaps range for a planned five-year dollar sukuk issue that has been capped at $500 million, a document from one of the banks leading the deal showed.

The United Arab Emirates’ bank, rated A3 by Moody’s, BBB+ by S&P and BBB+ by Fitch, is expected to price the Islamic bonds later on Wednesday.

The bank has appointed HSBC and Standard Chartered Bank as global coordinators and Bank ABC, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, Noor Bank, and Standard Chartered Bank as joint lead managers and bookrunners for the issue.

Reporting by Davide Barbuscia; Editing by Biju Dwarakanath

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