Dubai’s Binghatti Holding is keeping the capital markets buzzing, sealing its second major sukuk deal in less than two months. The developer, best known for its bold real estate projects, priced a $500 million three-year green sukuk at par with a 7.75% coupon—narrowed down from earlier whispers closer to 8.125%.
The demand was nothing short of electric. Final orders soared past $2 billion, underscoring investors’ appetite for the deal. Settlement is scheduled for October 1, with the first coupon running short before the bond’s official maturity on July 2, 2029. Payments will hit on January 2 and July 2 each year.
Built on an Ijarah/Murabaha structure, the issue carries an expected BB- rating from Fitch and will trade on Nasdaq Dubai and the London Stock Exchange’s International Securities Market. This offering falls under Binghatti Sukuk 2 SPV Limited’s $1.5 billion Trust Certificate Issuance Programme.
The move follows hot on the heels of Binghatti’s $500 million five-year sukuk debut in August, signaling the developer’s accelerated push into the Islamic finance market.
A powerhouse syndicate lined up to back the deal: Abu Dhabi Islamic Bank, Dubai Islamic Bank, Emirates NBD Capital, JP Morgan, and Mashreq led as Joint Global Coordinators. They were joined by a wide bench of Joint Lead Managers and Bookrunners, including First Abu Dhabi Bank, Crédit Agricole CIB, RAKBANK, Sharjah Islamic Bank, and Warba Bank.
Mashreq took the helm as Sole Green Structurer, while DNV offered its Second Party Opinion to certify Binghatti’s Green Financing Framework.
With back-to-back issuances and record financials in the first half of 2025, Binghatti is making it clear: the developer intends to play big on both the property and capital markets stage.
