December 10, 2018

SENAAT lists debut international sukuk on London Stock Exchange

  • SENAAT lists $300m sukuk as part of $3bn Trust Certificate Issuance Programme
  • The senior unsecured sukuk is the first international bond issued by SENAAT
  • Reinforces London’s role as a leading international finance centre attracting global issuers to its markets
  • Record $8.6bn sukuk issuance in London this year

London Stock Exchange welcomes the listing of SENAAT’s $300m sukuk on its Main Market. The fixed rate, senior unsecured sukuk is the first international instrument by the UAE industrial investment holding company, and the 10th shariah-compliant bond to list on London Stock Exchange’s dedicated Sukuk segment this year. The sukuk secured strong domestic and international support from the UAE, Asia and Europe.

To celebrate SENAAT’s sukuk listing, Nikhil Rathi, CEO, London Stock Exchange Plc, welcomed Mr. Mabkhoot Al Menhali, CFO, SENAAT, to open trading in London today.

Mr. Mabkhoot Al Menhali, Chief Financial Officer, SENAAT:
"We are delighted to list SENAAT’s first international bond on London Stock Exchange and thank its officers for their kind welcome. The issuing of SENAAT’S sukuk enjoyed strong demand from local and international markets, reflecting investor confidence in the emirate's position in the global financial markets and its Economic Vision 2030. The level of oversubscription and the price achieved also reflects the high degree of confidence shown by investors in the company’s own ability to finance its investments and cover its operational costs.”

Darko Hajdukovic, Head of Fixed Income, Funds & Analytics, UK Primary Markets, LSEG:
"London Stock Exchange Group warmly congratulates SENAAT on their landmark sukuk. Since its first sukuk listing in 2006, London has continued to support the development of Islamic Finance as an asset class. London has now hosted a total of 72 sukuk raising a combined $53.2bn, including over $8bn in 2018, a record year. SENAAT’s listing highlights London’s status as a leading international financing centre and a key global partner for Islamic financing.”

SENAAT’s sukuk is dual-listed in London and on Abu Dhabi Stock Exchange. The $300m sukuk has a seven-year tenor with a coupon of 4.76% and has been issued as part of the Company’s $3bn Trust Certificate Issuance Programme. A total of 72 sukuk, including 48 from GCC-based companies, have listed on London Stock Exchange since 2006, raising a combined $53.2bn. 2018 has been a big year for sukuk issuance in London, with a record $8.6bn raised this year to date.

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With our open approach, trusted expertise and global scale, we enable the sustainable growth and stability of our customers and their communities. We are dedicated partners with extensive experience, deep knowledge and a worldwide presence in data and analytics; indices; capital formation; and trade execution, clearing and risk management across multiple asset classes. 

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Nandeep Roopray
Lucie Holloway
+44 (0)20 7797 1222