The tiny emirate of Sharjah, one of the seven that makes up the UAE, found itself swamped with orders for its $750m 10y Ijarah Sukuk as $7.85bn worth of orders piled up. The price was at the tight end of the range of initial price guidance and ended at Swap + 110bps. The issue has a coupon profit rate of 3.764 per cent prompting the question: was the issue too small or was it priced too liberally? The Sukuk secured an A3 from Moody’s. Around 50 per cent of the issue went to investors from the Middle East while only 14 per cent went to Asia. HSBC, KFH, NBAD, Sharjah Islamic Bank and Standard Chartered managed and arranged the deal. Readers will note NBAD’s continuing presence working on benchmark Sukuk issues, in line with new CEO Alex Thursby’s endeavours to push NBAD into new avenues along the east-west corridor, including, it seems, Islamic debt capital markets deals.