Sharjah Bank, a commercial bank based in the UAE, has successfully participated in the management of a dollar-denominated sukuk issuance for Amanat Holdings. The bank acted as a joint lead manager and bookrunner for the issuance, amounting to $600 million with a maturity of five years, in collaboration with several prominent international and regional banks.
The issuance garnered significant interest from investors, with recorded orders totaling $1.8 billion, representing three times the amount offered. This indicates strong confidence from both international and regional investors in Amanat Holdings’ creditworthiness, the robustness of the Dubai real estate sector, and the favorable economic outlook for the UAE.
Initially, a preliminary indicative pricing of 7.625% was set at the start of the issuance; however, due to the high demand, the pricing spread was tightened by 37.5 basis points, finalizing the yield at 7.25%, while increasing the issuance size to $600 million. In line with Amanat Holdings’ previous issuances, 25% of the deal was allocated to investors from the UK, Europe, and international markets, demonstrating the strong global demand and investor confidence in the company’s creditworthiness and the attractiveness of Dubai’s real estate market.
Mohammed Khudairi, CEO of Sharjah Bank, stated, “We take pride in supporting Amanat throughout its journey in the capital markets. This issuance marks a significant milestone, reflecting our disciplined execution and strategic market positioning. Achieving better pricing, raising the issuance size, and extending the maturity showcases Amanat’s strong credit profile and our team’s expertise in global debt markets.”
Meanwhile, Krishna Polibedi, Acting Head of Treasury at Sharjah Bank, remarked, “This issuance is the third sukuk for Amanat within nine months, and we are pleased with the outcome, especially given the current geopolitical uncertainties. Our involvement in this issuance for Amanat Holdings reaffirms Sharjah Bank’s ongoing commitment to support UAE companies in diversifying their funding sources through innovative solutions in the capital markets.”