Dentons Advises HSBC-Led Syndicate on Emirate of Sharjah US$750 Million Sukuk

Dentons advised a syndicate of banks led by HSBC Bank plc, comprising Abu Dhabi Commercial Bank; Abu Dhabi Islamic Bank PJSC; Ajman Bank P.S.C.; Bank ABC; Bank of Sharjah; Dubai Islamic Bank; Emirates NBD Capital; First Abu Dhabi Bank; GIB Capital; Sharjah Islamic Bank; and Standard Chartered Bank, in connection with the issuance by the Government of the Emirate of Sharjah, acting through the Sharjah Finance Department, of trust certificates under its Trust Certificate Issuance Programme. The issuance was structured as an Ijara/Commodity Murabaha Sukuk and was completed on 25 November 2025 with a tenor of 10.5 years. The trust certificates are due May 2036 and were listed on Euronext Dublin and Nasdaq Dubai. The offering was made pursuant to Rule 144A and Regulation S under the US Securities Act of 1933. The issuance, rated Ba1 by Moody’s and BBB- by S&P, attracted strong participation from regional and international investors, reflecting continued confidence in Sharjah’s economic fundamentals and credit profile. Dentons had previously advised the Arrangers and Dealers on the July 2025 updates of Sharjah’s Trust Certificate Issuance Programme and Global Medium Term Note Programme. Dentons represented the syndicate of banks led by HSBC Bank plc with a team composed by: Victoria Wyer (Debt Capital Markets partner, Dubai); Cameron Half (partner, capital markets and US securities, London); Matthew Sapte (partner, Banking and Finance, London); senior associate Marcus Ang; associates Tom Day and Pichrotanak Bunthan; and trainee Tiara Mistry.

Dentons Advises HSBC-Led Syndicate on Emirate of Sharjah US$750 Million Sukuk

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