Binghatti Holding Ltd (“Binghatti Holding”), one of the UAE’s fastest-growing real estate developers, has successfully priced a USD 500 million long 3-year Green Sukuk under its USD 1.5 billion Trust Certificate Issuance Programme, in a sale that was well over 4x oversubscribed.
The landmark Regulation S Green Sukuk issuance reflects Binghatti’s commitment to sustainable financing and aligns with its Green Financing Framework. Proceeds will be used to finance a portfolio of eligible green projects, reinforcing the company’s pledge to responsible growth and environmental stewardship.
The sukuk was priced with a profit rate of 7.750%, equivalent to a spread of 416 basis points over the prevailing 3-year US Treasury yield. The transaction attracted strong regional and international investor demand, with an order book exceeding USD 2.0 billion. Approximately 50% of the orderbook came from outside the UAE.
Given the robust demand, the issuance saw significant tightening from its initial guidance of 8.125% area. The strength of the orderbook underscores market confidence in Binghatti’s credit profile, brand strength, and long-term sustainable strategy. The company is rated Ba3 by Moody’s and BB- by Fitch, both with stable outlooks.
The Green Sukuk will be listed on the London Stock Exchange and NASDAQ Dubai. The joint global coordinators on the transaction were Abu Dhabi Islamic Bank, Dubai Islamic Bank, Emirates NBD, J.P. Morgan, and Mashreq. The Joint Bookrunners were Abu Dhabi Commercial Bank, Ajman Bank, Arqaam Capital, First Abu Dhabi Bank, Rakbank, Sharjah Islamic Bank, and Warba Bank.
Binghatti Holding Ltd (“Binghatti Holding”), one of the UAE’s fastest-growing real estate developers, has successfully priced a USD 500 million long 3-year Green Sukuk under its USD 1.5 billion Trust Certificate Issuance Programme, in a sale that was well over 4x oversubscribed.
The landmark Regulation S Green Sukuk issuance reflects Binghatti’s commitment to sustainable financing and aligns with its Green Financing Framework. Proceeds will be used to finance a portfolio of eligible green projects, reinforcing the company’s pledge to responsible growth and environmental stewardship.
The sukuk was priced with a profit rate of 7.750%, equivalent to a spread of 416 basis points over the prevailing 3-year US Treasury yield. The transaction attracted strong regional and international investor demand, with an order book exceeding USD 2.0 billion. Approximately 50% of the orderbook came from outside the UAE.
Given the robust demand, the issuance saw significant tightening from its initial guidance of 8.125% area. The strength of the orderbook underscores market confidence in Binghatti’s credit profile, brand strength, and long-term sustainable strategy. The company is rated Ba3 by Moody’s and BB- by Fitch, both with stable outlooks.
The Green Sukuk will be listed on the London Stock Exchange and NASDAQ Dubai. The joint global coordinators on the transaction were Abu Dhabi Islamic Bank, Dubai Islamic Bank, Emirates NBD, J.P. Morgan, and Mashreq. The Joint Bookrunners were Abu Dhabi Commercial Bank, Ajman Bank, Arqaam Capital, First Abu Dhabi Bank, Rakbank, Sharjah Islamic Bank, and Warba Bank.
