Emirate of Sharjah to raise $250 mln in 2029 sukuk re-opening | Nasdaq
Sharjah, the third-largest of the United Arab Emirates, sold $250 million in a re-opening of existing sukuk due in October 2029, a document from one of the banks arranging the deal showed on Wednesday.
It set the final yield at 2.75% after giving initial price guidance of around 2.9% and got more than $600 million in orders for the tap of the $750 million 3.234% sukuk due October 23, 2029.
A bond tap is where an existing transaction is reopened using the same documentation as before. This deal is expected to close later on Wednesday.
Sharjah has already raised $2 billion with two bond issues this year, in June and July, as it seeks to bolster its finances, which have been hit by the pandemic and cheap oil.
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