Bank of Sharjah served as Joint Lead Manager and Bookrunner in the successful issue of a US$600 million, five-year Sukuk by Omniyat Holdings, together with other international and regional financial institutions.
The transaction witnessed robust investor demand, with the order book reaching US$1.8 billion, indicating a three-times oversubscription.
Such strong performance shows strong regional and international confidence in the credit training of Omniyat, the stability of the Dubai real estate market, and the economic perspective of the UAE nation as a whole.
Initially marketed as a benchmark-sized agreement, the excessive demand offered the issuer the opportunity to tighten pricing by 37.5 basis points to 7.25 percent from the initial guidance, while upsizing the deal to US$600 million.
In line with earlier issuances, 25 percent of the deal was allocated to investors from the UK, Europe, and the US offshore markets, representing continued global investor appetite for Omniyat’s credit profile and the global appeal of Dubai’s real estate market.
In response to the successful closure of this transaction, Mohamed Khadiri, CEO of Bank of Sharjah, said, “We are proud to have supported Omniyat throughout its capital markets journey. This third landmark issuance is a strong testament to disciplined execution and strategic market positioning. The achievement of tighter pricing, increased deal size, and longer tenor reflects both Omniyat’s strengthening credit narrative and our team’s expertise in Debt Capital Markets.”
Krishna Polepeddi, Acting Chief Treasury Officer at Bank of Sharjah, stated, “This marks Omniyat’s third Sukuk issuance within nine months, and we are particularly pleased with the outcome amid heightened geopolitical uncertainty. Our role in this transaction reaffirms Bank of Sharjah’s ongoing commitment to supporting UAE corporates in accessing diversified funding sources through well-structured and innovative capital market solutions.”
