{"id":103682,"date":"2025-05-15T00:00:00","date_gmt":"2025-05-15T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/sobha-realtys-usd-500-mn-sukuk-issuance-was-3x-oversubscribed\/"},"modified":"2025-05-15T00:00:00","modified_gmt":"2025-05-15T00:00:00","slug":"sobha-realtys-usd-500-mn-sukuk-issuance-was-3x-oversubscribed","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2025\/05\/15\/sobha-realtys-usd-500-mn-sukuk-issuance-was-3x-oversubscribed\/","title":{"rendered":"Sobha Realty\u2019s USD 500 mn sukuk issuance was 3x oversubscribed"},"content":{"rendered":"

Duba<\/strong>i real estate developer <\/strong>Sobha Realty<\/a><\/strong> closed a Reg-S compliant USD <\/strong>500 mn sukuk <\/strong>under its USD 1.5 bn trust certificate issuance program, it said in a press release<\/a>. The paper will be listed on the London Stock Exchange (LSE) and Nasdaq Dubai. Bloomberg reported last month<\/a> that proceeds from the debt issuance will be used to fund land acquisitions.<\/p>\n

Strong demand:<\/strong> The offering, which matures in 2029, was 3x oversubscribed with total orders valued at USD 1.5 bn, allowing the issuer to tighten the effective yield to 8%, down from initial price thoughts of c. 8.4%. Some 61% has been allocated to local investors, while 39% was allocated to international investors. The offering is expected to achieve a Ba2\/stable rating by Moody\u2019s and BB\/stable rating by S&P, the statement said.<\/p>\n

Sobha\u2019s parent company recently received a rating upgrade:<\/strong> Moody\u2019s upgraded Sobha Realty's parent company PNC Investments\u2019 (PNC) to Ba2 with a stable outlook, up from a previous Ba3 rating, on the back of robust sales, improved credit metrics, strong construction activity, and a backlog of over AED 23 bn. The sukuk is expected to achieve a Ba2\/stable rating from Moody\u2019s and a BB\/stable rating from S&P.<\/p>\n

ADVISORS- <\/strong>Our friends at Mashreq <\/strong>are acting as lead managers and bookrunners on the transaction, along with Abu Dhabi Commercia<\/strong>l Bank<\/strong>, Abu Dhabi Islamic Bank<\/strong>, Arqaam Capital<\/strong>, Dubai Islamic Bank<\/strong>, Emirates NBD Capital<\/strong>, JP Morgan<\/strong>, Rakbank<\/strong>, Sharjah Islamic Bank<\/strong>, Standard Chartered <\/strong>and Warba Bank<\/strong>. Clifford Chance<\/strong> and Dentons<\/strong> acted as legal counsels, and Grant Thornton<\/strong> as financial auditor.<\/p>\n

IN CONTEXT-<\/strong> Emirati real estate players are loading up on Islamic FCY debt.<\/strong> Just last month, Dubai-based luxury developer Omniyat<\/a> closed its maiden USD 500 mn green sukuk issuance. Aldar Investment Properties<\/a> also tapped global markets with a USD 500 mn 10-year green sukuk back in March, while Damac<\/a> returned in February with its first benchmark issuance in a year and a half \u2014 a USD 750 mn 3.5-year sukuk.<\/p>\n","protected":false},"excerpt":{"rendered":"

The offering matures in 2029, and carries an 8% yield<\/p>\n","protected":false},"author":1,"featured_media":103683,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1546],"tags":[1391,68,7,242,98,1056,66],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-103682","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-debt","tag-debt-watch","tag-enterpriseam-uae","tag-nasdaq-dubai","tag-real-estate","tag-sobha-realty","tag-sukuk","wpautop","entry"],"acf":{"mongo_id":"66ae3014-5151-442e-8d5e-753c12e95983","order":"6","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2025\/1\/1509.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Sobha Realty\u2019s USD 500 mn sukuk issuance was 3x oversubscribed","related_issue":[103672],"teaser":"The offering matures in 2029, and carries an 8% yield","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/5\/.4b7173fb-6f6e-4988-bb1b-4d28beac93cb.mp3"},"yoast_head":"\nSobha Realty\u2019s USD 500 mn sukuk issuance was 3x oversubscribed - 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