Binghatti Holding, the UAE-based property developer, has priced a USD 500mn five-year benchmark sukuk under its USD 1.5bn Trust Certificate Issuance Programme, attracting demand far exceeding the size of the offering.
The issuance generated an order book of approximately USD 2.46bn, representing oversubscription of 4.4 times. International investors accounted for around 51 per cent of allocations, reflecting broad global appetite for the company’s credit.
The sukuk was priced at a profit rate of 8.375 per cent, translating into a spread of 461 basis points over five-year US Treasuries.
Carrying a maturity of five years and six months, the deal marks one of the longest tenors achieved by a private UAE real estate developer in the sukuk market. The strong investor response highlights confidence in Binghatti’s financial position and funding strategy.
The transaction also strengthens the company’s sukuk yield curve, extending its maturity profile to 2031, with four benchmark sukuk now set to mature between 2027 and 2031.
