Emirate of Sharjah hires banks for #sukuk that could go up to $1 billion

Sharjah has hired banks to arrange the issuance of seven-year U.S. dollar denominated sukuk. HSBC was hired as global coordinator for the planned transaction and is joined by Bank ABC, Dubai Islamic Bank, Gulf International Bank, Mashreqbank and Sharjah Islamic Bank as joint lead managers and bookrunners. The emirate will hold a call with investors on Monday and a benchmark sukuk issuance may follow, subject to market conditions. Benchmark bonds are generally meant to be over $500 million, but a source close to the deal said the transaction could range between $750 million and $1 billion.