PHOTO
Abu Dhabi-based Aldar Investment Properties, which is marketing $500 million 10-year senior green sukuk, has books at over $2 billion, excluding joint lead manager (JLM) interest.
Initial price thoughts for the Regulation S, no-grow issuance is in the US Treasuries plus 140 basis points (bp) area.
Aldar Investment Properties Sukuk will be the trustee and Aldar Investment Properties the obligor.
Proceeds will be used for eligible projects under Aldar Investment Properties' green finance framework.
JP Morgan and Standard Chartered are joint global coordinators, as well as joint lead managers and bookrunners with Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Ajman Bank, Bank ABC, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, KFH Capital, Mashreq and Sharjah Islamic Bank.
In January, Aldar Properties, the developer and real estate asset manager, raised $1 billion through its first-ever hybrid bond issuance.
The company also raised $2.45 billion in a sustainability-linked revolving credit facility to support its liquidity.
(Writing by Brinda Darasha; editing by Seban Scaria)
