UPDATE 1-Emirate of Sharjah to raise $750 mln in sukuk - Reuters:
Sharjah, the third-largest emirate of the United Arab Emirates, is set to raise on Wednesday $750 million in 10-year sukuk, or Islamic bonds, a document issued by one of the banks leading the deal showed.
Sharjah started marketing the notes at around 185 basis points over mid-swaps earlier on Wednesday but hefty demand meant it was able to tighten spreads to 155 basis points.
It received orders in excess of $3.2 billion, according to the document.
The debt sale comes amid a flurry of U.S. dollar-denominated debt issues in the Gulf, as governments and companies take advantage of low global rates to raise cheap debt and atrract yield-seeking buyers.
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