Page 138 - SOBHA REALTY PR REPORT - SEPTEMBER 2024

Sobha Realty complete US $230mn Sukuk Tap

Gulf Estate Gazette Send an email2 days ago

1,916 1 minute read

Facebook X LinkedIn VKontakte Odnoklassniki Messenger Share via Email Print

Sobha Realty has announced the execution of a tap into its existing sukuk on 10 September 2024.
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 $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 stands at $500mn. The
tap adheres to the existing sukuk terms, preserving the conditions and ensuring continued stability
for the company’s investors, the developer said.

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

https://gulfestategazette.com/sobha-realty-complete-us-230mn-sukuk-tap/