Dubai luxury developer Binghatti is set to issue its first benchmark-size, USD-denominated sukuk“in the coming days,” it said in a statement.The issuance is expected to have a maturity of three years. The developer kicked off investor meetings for the issuance yesterday, Reuters reported, citing a document it saw.

SOUND SMART- “Benchmark-sized” issuances are usually at least USD 500 mn.

Use of proceeds: Binghatti will use the cash to fund land acquisition and restructure its existing debt, ratings agency Fitch said in a statement, adding that it is giving the issuance a B+ rating.

Advisors: Our friends at Mashreq and HSBC, along with Emirates NBD, Dubai Islamic Bank, Abu Dhabi Islamic Bank, Sharjah Islamic Bank, and RAKBank were tapped as joint lead managers and book runners.

Binghatti has several projects in the pipeline: Last month, Binghatti Properties acquired a plot of land in Dubai’s Business Bay for AED 365 mn. The developer is also building the world’s tallest residential tower in Dubai.

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