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Binghatti’s sukuk went live on Nasdaq Dubai: Real estate developer Binghatti listed a USD 200 mn sukuk tap issuance, linked to its inaugural USD 300 mn issuance in February, on Nasdaq Dubai, according to a Nasdaq notice yesterday. The tap issuance brings the value of the sukuk to USD 500 mn.
About the issuance: The tap issuance saw strong demand from both regional and international investors, and was oversubscribed 4.2x, Construction Week reports. Price on the issuance was narrowed by 20 bps from the initial price guidance on the back of strong investor appetite.
Some 40% of the order book was covered by international investors, Construction Week said.
Refresher: Binghatti said it intends to use the funds raised from its inaugural sukuk issuance to finance land purchases and to restructure its current debt.
OTHER DEBT NEWS-
Sharjah’s green bond issuance is live: The Sharjah government’s EUR 500 mn, 6.5-year sustainability bonds — which drew some EUR 1.5 bn in orders as of last Thursday morning — were admitted to trading yesterday, according to a notice on the Dubai bourse. The emirate plans to use the proceeds to finance and refinance “eligible expenditures” under its Sovereign Sustainable Financing Framework.
