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The UAE-based real estate developer Binghatti Holding Limited, rated Ba3 by Moody’s and BB- by Fitch (both stable), has mandated banks for its inaugural USD Reg S senior unsecured long three-year green sukuk.
Abu Dhabi Islamic Bank, Dubai Islamic Bank, Emirates NBD Capital, JP Morgan and Mashreq have been appointed as Joint Global Coordinators and, together with Abu Dhabi Commercial Bank, Ajman Bank, Arqaam Capital, Crédit Agricole CIB, First Abu Dhabi Bank, RAKBANK, Sharjah Islamic Bank and Warba Bank, as Joint Lead Managers and Joint Bookrunners.
Global investor calls and a series of fixed income investor meetings have commenced.
The sukuk offering will come under Binghatti Sukuk 2 SPV Limited’s $1.5 billion Trust Certificate Issuance Programme.
The Oslo-headquartered DNV has issued a Second Party Opinion on Binghatti’s Green Financing Framework.
Mashreq is the Sole Green Structurer.
In August, Binghatti debuted its $500 million 5-year senior unsecured sukuk on the London Stock Exchange.
(Writing by Bindu Rai, editing by Seban Scaria)
