Abu Dhabi’s Aldar plans international bond sale -sources

Abu Dhabi’s Aldar plans international bond sale -sources

DUBAI- Abu Dhabi's largest property developer, Aldar, is planning an international bond issuance soon, two sources familiar with the matter said.The planned debt sale comes as Gulf borrowers line up to tap the international debt markets to bolster finances hit by the COVID-19 pandemic and low oil prices.Aldar, the state-linked builder of Abu Dhabi's Formula One circuit, did not immediately respond to a request for comment.Ripe market conditions have led to record-setting deals in recent weeks, including the region's lowest-yielding Additional Tier 1 issuance from Saudi Arabia's biggest lender, National Commercial Bank, and the lowest coupon on Gulf bank senior bonds from Qatar National Bank, the Gulf's biggest lender. Oman and Bahrain, the region's weakest credits, were the first Gulf sovereigns to tap the market this year. After a deal that fell short of expectations in October, Oman raised $3.25 billion this month in an offering that was nearly five times oversubscribed. Bahrain's $2 billion issue was more than five times oversubscribed. Real estate was one of the sectors particularly hard-hit by COVID-19 and measures to stem the spread of the sometimes deadly disease.Earlier this month, Aldar's shares surged after a framework agreement with the Abu Dhabi government under which the company