Moody’s A3 Credit Rating Gives Sharjah Debut Sukuk Edge
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Sharjah is offering investors an enticement that fellow emirate Dubai doesn’t as the sheikhdom gears up for its first Shariah-compliant bond sale this month: a credit rating.
The emirate, which is more than twice the size of New York City, may price the debt to yield 2.5 percent to 3 percent if it’s a five-year issue, according to three fixed-income analysts surveyed by Bloomberg. That compares with a yield of about 2.6 percent on non-Islamic notes due 2019 for Dubai, which doesn’t carry a rating.