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9/16/24, 2:23 PM Sobha Realty Complete USD 230 Mn Sukuk Tap, taking total Sukuk Holdings to USD 500 Mn | Web Release
BUSINESS AND ECONO…
Sobha Realty Complete USD 230 Mn Sukuk Tap, Taking Total Sukuk
Holdings To USD 500 Mn
By Editor_wr On Sep 13, 2024
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Sobha Realty, a leading global luxury real estate developer, announces the successful execution of a strategic tap into its
existing sukuk on Tuesday, September 10, 2024. This latest tap is an extension of the Developer’s inaugural sukuk
issuance of USD 300 million, which took place in July 2023 and currently has an outstanding balance of USD 270
million. 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 USD 500 million.
The tap adheres to the existing sukuk terms, preserving the favorable conditions and ensuring continued stability for the
company’s valued investors.
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.
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