Dubai-Based Sobha Realty Green Sukuk IPTs Set At 7.75%–7.875%

Dubai-based Sobha Realty is marketing a US dollar-denominated five-year green sukuk, with initial price thoughts in the 7.75%–7.875% area.

Sobha Sukuk I Holding is the trustee for the senior Reg S trade. PNC Investments rated Ba2 by Moody’s / BB by S&P (both with a Stable outlook) is the obligor.

Dubai Islamic Bank, Emirates NBD Capital, JP Morgan, Mashreq and Standard Chartered are the global coordinators as well as lead managers and bookrunners with Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Ajman Bank, Arqaam Capital, Bank ABC, Deutsche Bank, First Abu Dhabi Bank,  Rakbank, Sharjah Islamic Bank and Warba Bank.

Deutsche Bank and Emirates NBD Capital are the joint ESG structuring coordinators.

It will be listed in London Stock Exchange’s International Securities Market, Nasdaq Dubai and DFSA.

UK Financial Conduct Authority / International Capital Market Association stabilisation applies.