Bank of Sharjah participates in managing the issuance of sukuks worth $600 million for… "Omniyat Holding"
Sharjah, 8 March / WAM / Bank of Sharjah, one of the leading commercial banks in the Emirates, announced its successful participation in managing the process of issuing US dollar-denominated Sukuks for Omniyat Holding Company, where the bank played the role of joint lead manager and bookrunner in the issuance of Sukuks worth US$600 million for a period of five years, in cooperation with a group of prominent international and regional banks.
The issuance witnessed a large response from investors, as the value of registered applications reached US$1.8 billion, representing a three-fold coverage of the offering size, which reflects the confidence of international and regional investors in the creditworthiness of Omniyat Holding Company, the strength of the real estate sector in the Emirate of Dubai, and the strength of the UAE’s economic prospects.
At the beginning of the issuance, an initial indicative price was set at 7.625%, but strong demand allowed narrowing the pricing margin by 37.5 basis points and setting the final return at 7.25%, while raising the issue size to 600 million US dollars.
As an extension of Omniyat Holding’s previous issuances, 25% of the deal was allocated to investors from the United Kingdom, Europe, and foreign American markets, an indication of the strength of international demand and the confidence of global investors in the company’s creditworthiness and the global attractiveness of the Dubai real estate market.
Mohamed Khediri, CEO of Bank of Sharjah, said: We are proud to support Omniyat Company throughout its journey in the capital markets. This third issuance is a milestone that reflects discipline in implementation and strategic positioning in the market. Achieving better pricing, increasing the size of the deal and lengthening the maturity period reflects the strength of Omniyat’s creditworthiness and the experience of our team in the global debt markets.
For his part, Krishna Bulipedi, Acting Head of Treasury at Bank of Sharjah, said: This issuance represents the third sukuk for Omniyat within nine months, and we are happy with this result, especially in light of the current uncertainty in the geopolitical scene. Our participation in this issuance on behalf of Omniyat Holding confirms Bank of Sharjah’s continued commitment to supporting Emirati companies in diversifying their sources of financing through innovative financing solutions in the capital markets.
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