Emirate of #Sharjah hires banks for tap of 2029 sukuk - document | Reuters

Emirate of Sharjah hires banks for tap of 2029 sukuk - document | Reuters

Sharjah, the third-largest emirate of the United Arab Emirates, has hired banks to arrange a reopening of its existing $750 million 2029 sukuk, or Islamic bond, that it sold last year, a document showed.

It has hired Mashreqbank as financial advisor and mandated Dubai Islamic Bank, HSBC, Sharjah Islamic Bank and Standard Chartered to arrange investor calls starting on Tuesday. A tap of the $750 million 3.234% sukuk due October 23, 2029 will follow, subject to market conditions.

A bond tap is where an existing transaction is reopened for subscription using the same documentation as before.