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Investors show strong interest in $300M Binghatti bond.

In a significant development for Dubai's real estate market, Binghatti, a prominent developer, recently celebrated the successful launch of its inaugural $300 million sukuk issuance. This three-year Islamic bond, priced competitively at 9.625%, saw a tightening of 30 basis points, signaling robust investor confidence and demand.

The response from investors worldwide was overwhelmingly positive, with the order book reaching an impressive 2.1 times subscription at its peak. This strong demand underscored the appeal of Binghatti's sukuk offering, with the order book peaking at $621 million, reflecting investor confidence in the developer's financial health and future prospects.

Prior to the issuance, Binghatti engaged in international roadshows in Asia and the UK, connecting with investors and generating interest in the sukuk. The broad appeal of the offering attracted investors from various regions, including the UK, Europe, and Asia, highlighting the global interest in Dubai's real estate sector and the trust placed in Binghatti's reputation and track record.

This landmark transaction marked the first MENA-region sukuk of 2024 benchmarked in real estate and denominated in US dollars, further solidifying Binghatti's position as a leader in the market. The success of the issuance was facilitated by joint lead managers and book runners, including local banks Emirates NBD, Dubai Islamic Bank, HSBC, Abu Dhabi Islamic Bank, Sharjah Islamic Bank, Mashreq Bank, and RAKBank, underscoring the collaborative effort behind the achievement.

Muhammad BinGhatti, CEO of Binghatti, expressed his delight at the overwhelming response from investors, emphasizing the trust and confidence they have shown in the company. He attributed the success of the debut sukuk issuance to Binghatti's robust business model and compelling investment proposition, affirming the developer's commitment to delivering value to investors.

BinGhatti also highlighted the significance of the market's enthusiastic reception, viewing it as a testament to Binghatti's exceptional performance and standing within the industry. The strong investor response not only validates Binghatti's strategic approach but also positions the company for continued success and growth in the dynamic real estate landscape of Dubai and beyond.

Feb. 29, 2024 2:52 p.m. 1741

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