Sharjah Islamic Bank (SIB) plans to issue a $400 million Islamic bond, which will price on Wednesday, according to a document by the arranging banks.
Order books are above $2 billion with pricing on the five-year, dollar-denominated issue expected to be 287.5 basis points above midswaps, according to the document seen by Reuters.
The lender said in March it planned to issue an Islamic bond, or sukuk, of between $300m to $500m in a letter to the central bank.
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