|Sharjah Islamic Bank P.J.S.C (SIB - rated BBB+ by Standard and Poor's and BBB+ by Fitch) on Tuesday 9 April priced a highly successful $500m 5-year Sukuk, which is due April 2018 under its newly established $1,500,000,000 Sukuk programme. Al Hilal Bank, HSBC, Liquidity Management House and Standard Chartered Bank acted as Joint Lead Managers and Joint Bookrunners, with Dubai Islamic Bank and Qatar Islamic Bank acting as co-managers. The transaction was priced at a profit rate of 2.95%.
As the first senior FI Sukuk from the region in 2013, SIB was able to take advantage of the positive market backdrop and the strong pent-up demand for quality issuers among Islamic investors, establishing a new benchmark rate for future issuances off their programme. The orderbook was over 6 times subscribed ($3.24bn) representing one of the most robust FI orderbooks from the region. (Press Release)