Dubai: It’s properties aren’t the only things Dubai developer Binghatti is attracting attention from investors. The company’s $300 million bond issue too did the same.
The 3-year Islamic sukuk – Binghatti’s debut appearance in the debt market – saw subscriptions hit $621 million and way ahead of the $300 million issue size. That adds up to 2.1 times for the order book.
The issue was priced ‘competitively’ at 9.625 per cent, and ‘experienced a tightening of approximately 30 basis points’, brought on by the investor demand. (This was the first real estate benchmark US dollar denominated sukuk from the MENA region in 2024.)
The developer has three major projects going on, including what it says will be the tallest standalone residential tower. Then there are two others, branded residential projects with Mercedes-Benz and Bugatti.
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