Bank of Sharjah sets initial price thoughts for bond

Bank of Sharjah may complete a debut bond issue on Monday after issuing initial price thoughts for a five-year issue of benchmark size, according to a document from arrangers.

The Abu Dhabi-listed lender, which concluded meetings with fixed income investors last week, currently aims to sell the bond in the area of 185 basis points over midswaps, the document said.

Benchmark size is traditionally understood to mean upwards of $500 million.

Rated BBB-plus by Fitch, Bank of Sharjah chose JP Morgan and National Bank of Abu Dhabi as joint coordinators for the transaction, with those two lenders and Commerzbank, Emirates NBD Capital and First Gulf Bank acting as bookrunners.