SENAAT Group, one of the largest industrial investment holding companies in the UAE, announced that it has successfully issued Dh1.1 billion (US$300 million) through a fixed rate senior unsecured US dollar denominated RegS sukuk with a 7 year tenor.
The issue follows a series of investor meetings which took place in Europe and Asia, as well as in the United Arab Emirates.
The new sukuk, which will be dual listed on the London and Abu Dhabi Stock Exchanges, had strong investor demand both locally and internationally, enabling the issue to be 10 times oversubscribed.
The sukuk was competitively priced, with a fixed income of 4.76% per year, underpinned by Moody’s “A3” which was issued last week, and Fitch’s “A” credit ratings. These ratings are the first to be assigned to SENAAT by Moody’s and Fitch and have also been assigned to the sukuk itself. Read more