Binghatti Holding seeks legal counsel from our firm to initiate and oversee a US$1.5 billion Trust Certificate Issuance Programme, with the issuance of US$500 million in Trust Certificates.
Binghatti Secures US$1.5 Billion Trust Certificate Issuance Programme for Long-term Funding
Binghatti Holding Limited has established a significant funding platform with the creation of a US$1.5 billion Trust Certificate Issuance Programme. This move, facilitated by Binghatti Sukuk 2 SPV Limited, will enable the company to secure long-term funding and support its transformative growth.
The inaugural issuance under this programme was a successful US$500 million 5-year Senior Unsecured Sukuk, which was oversubscribed by five times, attracting a broad mix of regional and international investors. The certificates, priced with a profit rate of 8.125%, were listed on both Nasdaq Dubai and the London Stock Exchange International Securities Market.
White & Case LLP, a global law firm with expertise in Capital Markets, Middle East, Western Europe, UAE, and the United Kingdom, advised Binghatti Holding Limited on the establishment of Binghatti Sukuk 2 SPV Limited's US$1.5 billion Trust Certificate Issuance Programme. The transaction was led by White & Case partner Debashis Dey, with local partner Marcin Zawadzki and associate Amir Mehdizadeh Iranpour also involved.
Amir Mehdizadeh Iranpour specializes in Capital Markets and Islamic Finance, while Marcin Zawadzki focuses on Capital Markets. Debashis Dey has a broad practice, including Capital Markets, Financial Institutions, Islamic Finance, Financial Restructuring and Insolvency, Private Credit & Direct Lending, and Private Capital.
The joint lead managers and joint bookrunners for the transaction were Abu Dhabi Commercial Bank PJSC, Abu Dhabi Islamic Bank PJSC, Ajman Bank PJSC, Arqaam Capital Limited, Dubai Islamic Bank PJSC, Emirates NBD Capital Limited, First Abu Dhabi Bank PJSC, HSBC Bank plc, Mashreqbank psc (acting through its Islamic Banking Division), The National Bank of Ras Al Khaimah PSC, Sharjah Islamic Bank PJSC, and Warba Bank K.S.C.P.
Credit ratings for this programme, assigned by rating agencies, reflect stable and moderate credit risk. Fitch Ratings assigned an expected rating of BB- (stable outlook), while Moody’s rated Binghatti at Ba3. These ratings indicate market confidence in the company’s credit fundamentals and growth strategy.
Muhammad Binghatti, Chairman of Binghatti Holding, described the sukuk issuance as a pivotal milestone, reinforcing Binghatti’s position as a dynamic and diversified regional developer with a vertically integrated platform underpinning strong growth and execution.
The debut issuance under the programme follows Binghatti's earlier standalone issuances in February 2024 and July 2024, by way of a tap. For more information, please contact the local media contact provided.
[1] Binghatti Holding Limited Press Release, [date] [2] Fitch Ratings, Binghatti Holding Limited Issues US$500 Million 5-Year Senior Unsecured Sukuk, [date] [3] Moody’s, Binghatti Holding Limited Issues US$500 Million 5-Year Senior Unsecured Sukuk, [date] [4] Nasdaq Dubai, Binghatti Holding Limited's US$500 Million Sukuk Listed on Nasdaq Dubai, [date] [5] London Stock Exchange, Binghatti Holding Limited's US$500 Million Sukuk Listed on London Stock Exchange, [date]
- Binghatti Holding Limited has secured a US$1.5 billion Trust Certificate Issuance Programme for long-term funding, a move facilitated by Binghatti Sukuk 2 SPV Limited.
- The global law firm, White & Case LLP, advised Binghatti Holding Limited on the establishment of the US$1.5 billion Trust Certificate Issuance Programme.
- Debashis Dey, a partner at White & Case LLP, led the transaction, while Amir Mehdizadeh Iranpour, who specializes in Capital Markets and Islamic Finance, and Marcin Zawadzki, who focuses on Capital Markets, were also involved.
- The joint lead managers and bookrunners for the transaction included several banks and financial institutions, such as Abu Dhabi Commercial Bank PJSC, Dubai Islamic Bank PJSC, Emirates NBD Capital Limited, and Mashreqbank psc.
- Credit ratings for this programme, assigned by rating agencies, reflect stable and moderate credit risk, with Fitch Ratings assigning an expected rating of BB- (stable outlook) and Moody’s rating Binghatti at Ba3.
- Muhammad Binghatti, Chairman of Binghatti Holding, described the sukuk issuance as a pivotal milestone, reinforcing Binghatti’s position as a dynamic and diversified regional developer.
- The debut issuance under the programme follows Binghatti's earlier standalone issuances in February 2024 and July 2024, by way of a tap, and more information can be obtained from the local media contact provided.
