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Aldar’s arm to start roadshow for USD sukuk issue

Aldar’s arm to start roadshow for USD sukuk issue
The offer is set to be priced on 15 October 2019
Aldar
ALDAR
-0.46% 2.17 -0.01

Abu Dhabi - Mubasher: Abu Dhabi-based Aldar Properties on Wednesday announced that its wholly-owned subsidiary Aldar Investment Properties LLC will start a series of fixed income investor meetings in Europe, Asia, and the Middle East as of 10 October 2019.

These meetings will be held to promote a fixed rate US dollar-denominated sukuk issuance with a tenor of 10 years, according to a press release.

“The outcome of the issue is subject to market conditions and further announcements in this regard will follow in due course,” Aldar Properties said.

Subject to market response, the offer is set to be priced on 15 October 2019, the leading property development, investment, and management company highlighted.

Aldar has appointed Dubai Islamic Bank (DIB), First Abu Dhabi Bank (FAB), HSBC, and Standard Chartered Bank as joint global coordinators and joint lead managers.

The company has also mandated Abu Dhabi Commercial Bank (ADCB), Abu Dhabi Islamic Bank (ADIB), Emirates NBD Capital, and Sharjah Islamic Bank as joint lead managers.

It is worth noting that Aldar Investments is rated ‘Baa1’ by Moody’s.

On 8 October, Reuters reported that Aldar Investment Properties had hired a group of banks to arrange investor meetings ahead of a planned US dollar-denominated sukuk or Islamic bonds.