Sharjah Islamic Bank (SIB) priced a $500 million sukuk of five years duration on Tuesday, a document from lead managers showed.

The Islamic bond was priced at a spread of 110 basis points over midswaps and carried a profit rate of 2.843 percent, the document said.

The final spread was at the tight end of price guidance issued earlier in the day of 115 bps, plus or minus 5 bps, over the benchmark. The order book was worth around $3 billion, the earlier update from lead managers showed.

SIB's sukuk was arranged by Abu Dhabi Islamic Bank , Al Hilal Bank, Dubai Islamic Bank, Emirates NBD, HSBC, KFH Investment and Standard Chartered and was sold after a series of investor meetings in Asia and Europe.-Reuters