Dubai-based real estate developer Omniyat Holdings Ltd has set the price for its $600 million five-year benchmark sukuk at par, offering a coupon of 7.25% per annum, payable semi-annually in arrears.
The final pricing reflects a tightening from initial price thoughts in the 7.625% range.
The Ijara/Murabaha-structured Islamic bond was priced to yield 7.25%, representing a spread of 363 basis points over US Treasuries.
Demand for the issuance was robust, with the orderbook peaking at $1.8 billion at launch, excluding joint lead manager interest, before closing at $1.5 billion. No hedge-related orders were reported.
The sukuk has been issued by Omniyat Sukuk 1 Limited, while Omniyat Holdings Ltd acts as the obligor. The transaction carries expected ratings of BB- from S&P and BB- from Fitch, aligned with the parent company’s credit profile.
Structured as a Regulation S senior unsecured offering, the sukuk is part of Omniyat’s $2 billion Trust Certificate Issuance Programme. It is set to be listed on the London Stock Exchange’s International Securities Market as well as Nasdaq Dubai.
The joint global coordinators for the transaction are Abu Dhabi Commercial Bank, Citi, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, JP Morgan, Mashreq and Standard Chartered Bank.
Supporting them as joint lead managers and joint bookrunners are Ajman Bank, Arab African International Bank, Arab Bank, Bank of Sharjah, RAKBANK and Sharjah Islamic Bank.
In 2025, Omniyat has raised a total of $900 million through two separate sukuk issuances. This includes its inaugural $500 million green sukuk in April, followed by a $400 million issuance in September.
