Bank of Sharjah has acted as a Joint Lead Manager and Bookrunner in the successful issuance of a € 500 million, 7-year bond for the Government of Sharjah, alongside other international and regional banks.
The issuance received strong investor demand, with the order book reaching an oversubscription of 3.5 times. This overwhelming interest from both international and regional investors highlights the global confidence in the Government of Sharjah’s creditworthiness. The robust market appetite enabled the Government to price the issuance at a yield of 4.698% per annum, representing a significant tightening of 30 basis points from the Initial Price Thoughts (IPT). Notably, 71% of total orders originated from investors in the UK, Europe, and the US offshore markets, underscoring Sharjah’s appeal to global capital markets.
Commenting on this achievement, Mohamed Khadiri, CEO of Bank of Sharjah, stated: “This issuance marks a key milestone in our continued collaboration with the Government of Sharjah to support the emirate’s economic growth and development objectives. It is also our first participation in a EUR-denominated issuance, further demonstrating our expertise in leading Debt Capital Markets transactions across multiple currencies. The strong international investor participation is a testament to the confidence in Sharjah’s economic resilience and fiscal discipline.”
Damian White, Chief Treasury Officer at Bank of Sharjah, added: “This Bond issuance represents a significant step in strengthening financial cooperation with the Government of Sharjah. The proactive engagement with global investors reflects the Issuer’s commitment to delivering value while ensuring strong liquidity for the Emirate. By facilitating this transaction, we not only address the Government’s financing needs but also showcase Sharjah’s robust economic fundamentals and investment potential.”
