Sharjah (Al-Ittihad)
Sharjah Islamic Bank succeeded in issuing sukuks worth $500 million in global capital markets the day before yesterday, Wednesday.
The sukuks were very popular among international investors, with the value of subscription applications amounting to about $1.5 billion, more than three times the value of the offering for subscription.
The sukuks, which mature in five years, were priced at 105 basis points above US Treasury bond yields.
The sukuks will carry a profit rate of 5.25% annually with a maturity date of July 3, 2029, as the bank succeeded in reducing the pricing basis by 35 basis points after announcing interest rates on the bonds at a region of 140 basis points due to the great demand from international and Middle Eastern investors.
Mohammed Abdullah, CEO of Sharjah Islamic Bank, expressed his thanks to all investors for their trust in the bank and their keenness to invest in the sukuks that it offered, and said: This represents our ninth participation in global capital markets, as we issued sukuks in 2006, thus enabling Sharjah Islamic Bank to maintain its performance. The strong one.
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