Binghatti Sets $1.5 Billion Trust Programme
Deal News | Aug 14, 2025 | White & Case LLP
White & Case LLP, a global law firm, has played a pivotal role in advising Binghatti Holding Limited on the establishment of a $1.5 billion Trust Certificate Issuance Programme. This includes the inaugural issuance of $500 million Trust Certificates under this programme through Binghatti Sukuk 2 SPV Limited. The recently launched trust certificates have been listed on the London Stock Exchange International Securities Market and Nasdaq Dubai. This initiative signifies a considerable milestone for Binghatti, offering it an innovative issuance platform, enhancing flexibility of funding, and enabling better price negotiation capabilities, as articulated by Debashis Dey, a partner at White & Case who led the deal. The issuance builds on earlier standalone issuances by Binghatti in February 2024 and July 2024. Major banks, including HSBC Bank plc, Abu Dhabi Commercial Bank PJSC, and Dubai Islamic Bank PJSC, participated as joint lead managers and bookrunners. The advisory team from White & Case was led by partner Debashis Dey and supported by partners and associates in Dubai and London.
Sectors
- Financial Services
- Legal Services
Geography
- United Arab Emirates – Binghatti Holding and most of their banking partners are based in the UAE, and the issuance involved UAE financial institutions.
- United Kingdom – The Trust Certificates issued under the programme will be listed on the London Stock Exchange International Securities Market.
Industry
- Financial Services – The article discusses the components of a Trust Certificate Issuance Programme, which is a financial transaction involving significant banking institutions and advisory firms.
- Legal Services – White & Case LLP, a law firm, facilitated the establishment of the Trust Certificate Issuance Programme, highlighting the legal services sector's role in financial transactions.
Financials
- $1.5 billion – The total value of the Trust Certificate Issuance Programme.
- $500 million – The value of the inaugural issuance of Trust Certificates under the programme.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| White & Case LLP | Legal Advisor | Company | A global law firm advising Binghatti on the establishment of the Trust Certificate Issuance Programme. |
| Binghatti Holding Limited | Issuer | Company | The company establishing the $1.5 billion Trust Certificate Issuance Programme. |
| Binghatti Sukuk 2 SPV Limited | Issuing Entity | Company | The special purpose vehicle entity created for issuing the Trust Certificates. |
| Abu Dhabi Commercial Bank PJSC | Joint Lead Manager and Bookrunner | Company | Financial services institution acting in lead manager role. |
| HSBC Bank plc | Joint Lead Manager and Bookrunner | Company | Financial institution participating in managing and underwriting the issue. |
| Dubai Islamic Bank PJSC | Joint Lead Manager and Bookrunner | Company | A bank based in Dubai involved in the Trust Certificate issuance. |
| Debashis Dey | Lead Legal Advisor | Person | Partner at White & Case leading the legal advisory team. |
| Marcin Zawadzki | Local Partner | Person | Dubai-based partner at White & Case involved in the transaction. |