ABU DHABI, UNITED ARAB EMIRATES / RankWire.AI / – Burjeel Holdings marked the London listing of its inaugural $500 million sukuk with a market opening ceremony. The five-year senior unsecured Islamic bond began trading on July 1 on the London Stock Exchange’s International Securities Market. It matures in 2031 and forms the first issuance under the healthcare group’s $1.5 billion trust certificate programme. The transaction also represents Burjeel’s first entry into international public debt markets.
The company held the ceremony on July 10 after completing the admission process. Sheikh Khalid bin Saud Al Qasimi, deputy chief of mission at the UAE Embassy in Britain, attended the event. Burjeel Chairman and CEO Shamsheer Vayalil joined senior company executives and London Stock Exchange representatives. The gathering formally recognized the issuance and the group’s debut on the exchange’s international debt platform. Burjeel Holdings remains listed on the Abu Dhabi Securities Exchange under the ticker BURJEEL.
Investor orders peaked at $1.6 billion, equal to 3.2 times the issued amount. International investors received 61% of the final allocation, while Gulf Cooperation Council investors took 39%. Buyers in Britain accounted for 34%, and offshore US investors received 24%. Other international markets represented the remaining 3%. The geographic allocation gave Burjeel Holdings a mix of regional and global institutional buyers for its first sukuk.
Pricing and credit profile
The sukuk carries a 7% profit rate and was priced to yield 7.125%. Burjeel had initially guided investors toward pricing in the mid-7% range. The final terms followed the orderbook collected during the marketing process. S&P Global Ratings assigned a BB+ rating to the sukuk, while Moody’s Ratings assigned Ba2. Both ratings place the instrument below investment grade under the agencies’ respective scales.
The issuance is the first sukuk from a Middle East and North Africa healthcare provider since 2018. Burjeel issued the securities under Regulation S, which governs certain offerings made outside the United States. The company said net proceeds will refinance existing debt and support priorities listed in the offering documents. Those areas include advanced clinical care, research, medical education, digital transformation and artificial intelligence-enabled healthcare services.
Banks and healthcare footprint
Citi, Emirates NBD Capital and First Abu Dhabi Bank served as joint global coordinators. Emirates NBD Capital and First Abu Dhabi Bank also acted as sukuk structuring agents. Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Dubai Islamic Bank, RAKBANK and Sharjah Islamic Bank worked as joint lead managers and bookrunners. The transaction used an ijara and murabaha structure within the wider trust certificate programme.
Founded in 2007, Burjeel Holdings operates 89 healthcare assets across the United Arab Emirates, Oman and Saudi Arabia. Its network includes 20 hospitals, 41 medical centers, two physiotherapy centers, 15 pharmacies and 11 other healthcare services. The group provides primary, secondary, tertiary and quaternary care through brands including Burjeel, Medeor, LLH, Lifecare, Alkalma and Tajmeel. Burjeel’s shares also trade on the Abu Dhabi Securities Exchange.