SHARJAH shored up its remaining funding needs for the year on Wednesday by tapping its US$750m October 2029 sukuk deal for a further US$250m. Initial guidance for the reopening was the 2.90% area, some way wide of where the sukuk was bid that morning, seen at 2.48% on Refinitiv Eikon. Pricing was brought in to a yield of 2.75%. Tom Koczwara, adviser to the debt management office at the government of Sharjah, said the debt capital markets offered the best option on balance for the emirate's relatively small remaining financing needs before the end of the year, and that Sharjah had signalled to investors no new issuances after a US$1bn Formosa bond placed in July.
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