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The Dubai-based real estate developer Omniyat Holdings Ltd has priced its $600 million five-year benchmark sukuk at par with a 7.25% coupon per annum, payable semi-annually in arrear; the price was tightened from IPTs in the 7.625% area.
The Ijara / Murabaha Islamic bond carries a yield of 7.25% with the spread to benchmark set at plus 363bps over US Treasuries.
The orderbook rose to $1.8 billion at launch, excluding JLM interest, before settling at $1.5 billion, with no hedges.
Omniyat Sukuk 1 Limited is listed as the issuer, with parent company Omniyat Holdings Ltd named as the obligor. The issuance has an expected rating of BB- by S&P / BB- by Fitch, in line with the obligor’s own rating.
The Regulation S senior unsecured sukuk comes under Omniyat’s $2 billion Trust Certificate Issuance Programme and will list on the London Stock Exchange’s International Securities Market and Nasdaq Dubai.
Abu Dhabi Commercial Bank, Citi, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, JP Morgan, Mashreq and Standard Chartered Bank are joint global coordinators on the sukuk, alongside Ajman Bank, Arab African International Bank, Arab Bank, Bank of Sharjah, RAKBANK and Sharjah Islamic Bank as joint lead managers and joint bookrunners.
The real estate developer raised $900 million in 2025 through two separate Islamic bond offerings, including its inaugural green sukuk issuance in April that saw the company raise $500 million. This was followed by a $400 million issuance in September.
Omniyat is the latest UAE real estate developer that has issued debt in recent weeks, with Binghatti Holding pricing a five-year $500 million benchmark sukuk earlier this month, which was preceded by Damac Properties’ $600 million debt raise in January.
(Writing by Bindu Rai, editing by Seban Scaria)
