Sharjah sells $1.25 billion in bonds

Dubai: The Emirate of Sharjah launched $1.25 billion in two-tranche bonds of 12- and 30-year paper on Wednesday, a document from one of the banks arranging the deal showed.

It sold $750 million in 12-year notes at 3.625% and $500 million in 30-year bonds at 4.75% out of combined orders of more than $2.7 billion, the document showed.

It had tightened final guidance to between 3.625% and 3.75% for the 12-year notes and 4.75% to 4.875% for the 30-year tranche from initial guidance of around 3.875% for the 12-year bonds and between 4.875% and 5% for the 30-year paper.

Bank ABC, Citi, Emirates NBD Capital , HSBC, Mashreq and Standard Chartered are arranging the deal, which is expected to close later on Wednesday.