Sharjah assigns banks to issue dollar bonds

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Abu Dhabi – Mubasher: A document showed that Sharjah commissioned banks to arrange the issue of Formosa 30-year bonds denominated in US dollars.

Sharjah has assigned “City”, “Emirates NBD Capital”, “HSBC”, “Investment Bank”, “JP Morgan” and “Standard Chartered” to arrange a call with investors, followed by issuing bonds according to market conditions .

The deal will be the first Formosa Sharjah bonds, the first long-term bonds and the first conventional benchmark. The standard version is usually no less than $ 500 million, according to Reuters.

In 2018, the government issued traditional “panda” bonds, which are yuan denominated in debt issued by foreign borrowers, but the size of them was about two billion yuan ($ 286 million).

AndThe Emirate of Sharjah was established last March Including instruments With a value of $ 200 million at NASDAQ Dubai on March 19, 2020.

According to a previous press release issued by the NASDAQ Dubai Stock Exchange, this issue brings the total value of Sukuk listed in Dubai to $ 67.06 billion, which strengthens Dubai’s position as one of the largest Sukuk listing centers by value in the world.

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