Dentons advises syndicate of banks led by HSBC on the Emirate of Sharjah’s US$750 million Sukuk issuance

London/Dubai —Dentons, the world’s largest global law firm, has advised a syndicate of banks (Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank PJSC, Ajman Bank P.S.C., Bank ABC, Bank of Sharjah, DIB, Emirates NBD Capital, First Abu Dhabi Bank, GIB Capital, HSBC, Sharjah Islamic Bank and Standard Chartered Bank) led by HSBC Bank plc on the successful issuance by The Government of the Emirate of Sharjah, acting through the Sharjah Finance Department, of US$750 million trust certificates due May 2036 under its Trust Certificate Issuance Programme. Dentons previously advised the Arrangers and Dealers on the July 2025 updates of Sharjah’s Trust Certificate Issuance Programme and Global Medium Term Note Programme.

The issuance, structured as an Ijara/Commodity Murabaha Sukuk, was completed on 25 November 2025, with a tenor of 10.5 years. The Trust Certificates were listed on Euronext Dublin and Nasdaq Dubai and 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 investor participation from both regional and international markets, highlighting continued confidence in Sharjah’s economic fundamentals and credit profile.

Debt Capital Markets partner Victoria Wyer commented: “This transaction reinforces Dentons’ long-standing expertise in advising on complex sovereign and quasi-sovereign sukuk structures across the Middle East. We are proud to have supported the banks in bringing this significant deal to market for the Emirate of Sharjah.”

The Dentons team advising the syndicate of banks was led by Dubai-based Debt Capital Markets partner Victoria Wyer, alongside London capital markets and US securities partner Cameron Half and London Banking and Finance partner Matthew Sapte, with support from senior associate Marcus Ang, associates Tom Day and Pichrotanak Bunthan and trainee Tiara Mistry.