Abu Dhabi real estate developer Aldar Properties has appointed banks to advise on its second 10-year USD 500 mn green sukuk issuance, Reuters reports, citing a document it has seen. Banks began holding investor meetings yesterday, paving the way for the issuance of the benchmark-sized sukuk under its USD 2 bn trust certificates programme.

REMEMBER- A “benchmark sized” issuance is usually at a minimum valued at USD 500 mn.

Where’s the money going? Proceeds from the green sukuk sale will support financing, refinancing, and investment in specific green projects.

The Abu-Dhabi based developer also issued a tender purchase offer for its outstanding trust certificates worth USD 500 mn, which are set to mature in September 2025, according to the report.

Remember: Aldar Properties CFO Faisal Falaknaz mentioned plans for a second USD 500 mn green sukuk issuance about two months ago following last year's debut. The sukuk will be issued under Aldar's green framework to expand green financing across its facilities.

Advisors: Our friends at HSBC, alongside Standard Chartered Bank, are global coordinators for the issuance. Our friends at Mashreq and First Abu Dhabi Bank, alongside Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Dubai Islamic Bank, Emirates NBD Capital, and Morgan Stanely were selected as the joint lead managers and bookrunners for the issuance.

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