Page 130 - SOBHA REALTY PR REPORT - SEPTEMBER 2024

9/16/24, 2:20 PM Sobha Realty completes US$ 230mn Sukuk Tap - LogisticsGulf
This latest tap is an extension of the Developer’s inaugural sukuk issuance of
US$ 300mn which took place in July 2023 and currently has an outstanding
balance of US$ 270mn. This sukuk was listed on both the London Stock
Exchange (LSE) and NASDAQ Dubai.

With the completion of this tap, Sobha Realty’s total sukuk issuance now reaches
a benchmark size of US$ 500mn. The tap adheres to the existing sukuk terms,
preserving the favorable conditions and ensuring continued stability for the
company’s valued investors.

Price tightening

The significant interest in Sobha Realty’s sukuk led to a notable price tightening of
95 basis points, highlighting strong demand from both regional and international
investors. Approximately 25% of the interest comes from global sources,
reflecting strong confidence in Sobha Realty’s financial instruments.

Sobha Realty appointed Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank,
Dubai Islamic Bank, Emirates NBD Capital, Sharjah Islamic Bank, and Standard
Chartered Bank as Joint Global Coordinators, Joint Lead Managers, and
Bookrunners for this transaction. Their expertise and commitment have been

instrumental to its success.

The company also acknowledges Clifford Chance and Dentons for their
exceptional legal counsel, which provided critical guidance throughout the
transaction. Additionally, Grant Thornton’s role as auditors was pivotal in ensuring
the integrity and transparency of the process.

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