Sharjah intends to raise upto AED 1 billion in 5-year sukuk auction

Sharjah's government plans to raise up to 1 billion dirhams from a 5-year sukuk auction, an arranging bank document disclosed on Monday.

Acting through the Sharjah Finance Department, the government has picked Standard Chartered Bank as the sole auction coordinator and bookrunner.

Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Bank of Sharjah, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, Investbank, Mashreq and Sharjah Islamic Bank will act as placement agents to arrange the auction, the document said.

The order submission window for the sukuk auction will open on July 3 with yield and final issuance size to be announced later the same day, the document added.

Reuters