Sharjah is listing an additional USD 150 mn sukuk issuance on Nasdaq Dubai, adding it to its already-listed USD 750 mn sukuk, according to a disclosure to Nasdaq Dubai. The issuance is offered by the Sharjah Sukuk Programme, on behalf of the Sharjah government, under its unlimited Trust Certificate Issuance Program, launched in September 2023.

The specifics: The USD-denominated shariah-compliant bonds have a tenure of 10.5 years, maturing in March 2034. The emirate priced the sukuk at a 6.092% annual rate, with yields to be paid semi-annually. As the new sukuk certificates will be consolidated into the USD 750 mn issuance to form a single series, they will also be under a Murabaha/Ijara sukuk structure.

Sharjah is a frequent issuer: This addition brings the total value of Sharjah’s sukuklistings on Nasdaq Dubai to USD 6.05 bn. The last sukuk offering by Sharjah was listed on Nasdaq Dubai on 19 September.

Advisors: The government of Sharjah appointed Standard Chartered Bank as the sole global coordinator. ADCB, Bank ABC, Dubai Islamic Bank, Emirates NBD Capital, GIB Capital, HSBC, and Sharjah Islamic Bank acted as joint lead managers and bookrunners.

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