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Dubai real estate developer Omniyat Holdings, rated BB- by S&P / BB- by Fitch with a Stable outlook, has priced its $400 million long Reg S three-year sukuk at a profit rate of 7.25% at par, payable semi-annually.
The price was marginally tightened from the initial price thoughts in the 7.625% area.
The final orderbook was in excess of $800 million, excluding JLM interest.
The rating for the senior unsecured sukuk is on par with Omniyat’s own rating and comes under the developer’s Sukuk 1 Limited’s $2 billion Trust Certificate Issuance Programme.
The settlement date has been set for September 16.
The sukuk will be listed on the London Stock Exchange’s International Securities Market and Nasdaq Dubai.
Banks mandated include Abu Dhabi Commercial Bank, Dubai Islamic Bank, Emirates NBD Capital, JP Morgan, Mashreq and Standard Chartered Bank, as Joint Global Coordinators. While Abu Dhabi Commercial Bank, Arab African International Bank, Commercial Bank of Dubai, Dubai Islamic Bank, Emirates NBD Capital, JP Morgan, Mashreq and Standard Chartered Bank have been appointed Joint Lead Managers and Joint Bookrunners.
(Writing by Bindu Rai, editing by Seban Scaria)
