Sobha Realty taps banks for FCY sukuk sale: Dubai real estate developer Sobha Realty enlisted a syndicate of local and international banks for its upcoming USD-denominated three-year, USD-denominated sukuk, Zawya reports. The Reg S compliant benchmark offering falls under the firm’s USD 1.5 bn trust certificate issuance program rated BB by S&P. There’s no word yet on the size of the issuance.

ICYMI- Bloomberg reported earlier last month that proceeds from the debt issuance will be used to fund land acquisitions.

Meet the banks: Our friends at Mashreq are acting as lead managers and bookrunners on the transaction, along with Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Arqaam Capital, Dubai Islamic Bank, Emirates NBD Capital, JP Morgan, Rakbank, Sharjah Islamic Bank, Standard Chartered Bank and Warba Bank.

IN CONTEXT- Emirati real estate players are loading up on Islamic FCY debt. Just last month, Dubai-based luxury developer Omniyat closed its maiden USD 500 mn green sukuk issuance. Meanwhile, Aldar Investment Properties tapped global markets with a USD 500 mn 10-year green sukuk back in March, while Damac returned in February with its first benchmark issuance in a year and a half — a USD 750 mn 3.5-year sukuk.

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