UPDATE 2-Emirate of Sharjah sells $1 bln 7-year dollar sukuk - Reuters:
Sharjah, the third-largest emirate of the United Arab Emirates, sold $1 billion in seven-year sukuk, or Islamic bonds, on Tuesday, according to a document from one of the banks arranging the deal.
The debt sale comes as several governments in the Gulf seek to bolster their finances to face the economic fallout from the coronavirus pandemic and a historic slide in oil prices.
Sharjah set the final spread at 245 basis points (bps) over midswaps for the sukuk, which are Islamic sharia-compliant bonds, according to the document seen by Reuters.
It tightened the spread by 30 bps from where it began marketing the notes earlier on Tuesday.
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