Sharjah Islamic Bank mandates banks for USD Perpetual AT1 sukuk
Sharjah Islamic Bank (SIB), rated A- by S&P (negative outlook) and BBB+ by Fitch (stable outlook), has mandated banks for a USD benchmark perpetual non-call 6-year AT1 sukuk offering.
Arqaam Capital, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, Kamco Invest, Mashreq and Standard Chartered Bank have been appointed as Joint Lead Managers and Joint Bookrunners for the Reg S fixed rate resettable unrated offering.
As Sharjah's largest bank by total assets, the sukuk offering will be a part of SIB's $500 million Additional Tier 1 Capital Certificates programme.
The sukuk will trade on Euronext Dublin and Nasdaq Dubai.
The ADX-listed SIB said the net proceeds of the issue will be used to enhance its tier 1 capital as well as for general corporate purposes.
This is SIB's second sukuk offering of the year, with the lender pricing $500 million senior unsecured sukuk on 19 February 2025, at a yield of 5.20%, translating into a spread of 89.8bps over 5-year US Treasuries.
(Writing by Bindu Rai, editing by Brinda Darasha)
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