Aldar prepares for new 10-year green Islamic bonds

Aldar prepares for new 10-year green Islamic bonds

Aldar Properties, the largest developer in Abu Dhabi, has appointed banks for its US-dollar-denominated 10-year green Islamic bond, according to a news report. HSBC and Standard Chartered Bank will lead as joint global coordinators, Reuters reported, citing a bank document. Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Dubai Islamic Bank, Emirates NBD Capital, First […]Aldar Properties, the largest developer in Abu Dhabi, has appointed banks for its US-dollar-denominated 10-year green Islamic bond, according to a news report.

HSBC and Standard Chartered Bank will lead as joint global coordinators, Reuters reported, citing a bank document.

Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, Mashreq and Morgan Stanley are joint lead managers and bookrunners, the report said.

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The unsecured benchmark sukuk  – sharia-compliant bonds – will be part of the $2 billion loan programme of Aldar Investment Properties, a subsidiary of the Abu Dhabi-listed developer.

The proceeds will be used to finance, refinance and invest in certain green projects, the report said.

A benchmark-size offering means at least $500 million.

The developer’s 10-year green debut Islamic bond was more than four times oversubscribed by regional and international investors,