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Dubai-based developer Binghatti priced a $500 million long five-year sukuk on Thursday, at a coupon of 8.375% and a spread of US Treasuries plus 461.3 basis points.
Final orderbooks peaked above $2.2 billion (ex‑JLM interest), allowing the issuer to tighten from initial price thoughts in the 8.875% area.
The Regulation S senior unsecured deal, issued through Binghatti Sukuk 2 SPV, is rated BB- by Fitch. Proceeds will be used for general corporate purposes.
The notes will be listed on Dubai and the London Stock Exchange’s International Securities Market (ISM).
Binghatti last issued a $500 million green sukuk in September 2025 with proceeds allocated to financing sustainable property developments under its green financing framework.
Prior to its green issuance, Binghatti had tapped the dollar bond market in July 2025, issuing a $500 million bond that was more than five times oversubscribed.
(Writing by Brinda Darasha; editing by Seban Scaria)
