{"id":89053,"date":"2025-01-17T00:00:00","date_gmt":"2025-01-17T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2025\/01\/17\/aldar-raises-aed-9-bn-in-sustainability-linked-credit-facility\/"},"modified":"2025-01-17T00:00:00","modified_gmt":"2025-01-17T00:00:00","slug":"aldar-raises-aed-9-bn-in-sustainability-linked-credit-facility","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2025\/01\/17\/aldar-raises-aed-9-bn-in-sustainability-linked-credit-facility\/","title":{"rendered":"Aldar raises AED 9 bn in sustainability-linked credit facility"},"content":{"rendered":"

raises AED 9 bn in sustainability-linked credit facility: <\/strong>UAE-based real estate developer Aldar Properties has successfully raised AED 9 bn (USD 2.45 bn) in a sustainability-linked syndicated senior credit facility, according to a statement (pdf)<\/a> released on Monday. The facility \u2014 structured as an unsecured committed multi-tranche revolving credit \u2014 stands as the largest sustainability-linked, syndicated transaction by a real estate company in the Middle East. <\/p>\n

The details: <\/strong>The facility \u2014 which is linked to sustainability KPIs \u2014 has a five-year tenor and uses AED and USD currencies in both conventional and Islamic tranches. The facility will also be linked to a floating rate to \u201ccapitalize on conducive market conditions.\u201d<\/p>\n

Several banks were interested: <\/strong>The syndication attracted orders from 15 local and international banks, including Abu Dhabi Commercial Bank, Ajman Bank, Bank of China, Citi Bank, Dubai Islamic Bank, Emirates Islamic Bank, Emirates NBD Bank, First Abu Dhabi Bank, HSBC, Intesa Sanpaolo, JP Morgan, Mashreq, National Bank of Kuwait, National Bank of Ras Al Khaimah, and Sharjah Islamic Bank.<\/p>\n

\n

IN OTHER DEBT NEWS-<\/p>\n

#1-<\/strong> Saudi Arabia\u2019s <\/strong>Al Rajhi Bank<\/strong> has completed a USD 1.5 bn USD-denominated <\/strong>additional tier 1 capital sustainable sukuk issuance<\/strong>, which is part of its shariah-compliant trust certificate issuance program, according to a Tadawul<\/a> filing published on Wednesday. The lender issued some 7.5k sukuk at a par value of USD 200k with a 6.25% yield. The leading Islamic bank had two USD 1 bn issuances last year in March<\/a> and May<\/a>. <\/p>\n

What now?<\/strong> The sukuks \u2014 which have no fixed maturity date with a callable option after five years \u2014 will be listed on the London Stock Exchange's International Securities Market. The settlement of the sukuk issuance is scheduled for 21 January. <\/p>\n

ADVISORS-<\/strong> HSBC and Mashreq are joint lead managers<\/a> and bookrunners on the transaction, along with JPMorgan Securities, Morgan Stanley, Al Rajhi Capital, Citigroup Global, Emirates NBD, Goldman Sachs, Dubai Islamic Bank, Credit Agricole, MUFG Securities EMEA, SMBC Bank International and Standard Chartered Bank.<\/p>\n

#2-<\/strong> The Climate Investment Funds has raised USD 500 mn in a debut bond that was six <\/strong>times oversubscribed<\/strong>,<\/strong> according to a press release<\/a> on Tuesday. The 3-year bonds \u2014 the Funds\u2019 first through its Capital Markets Mechanism (CCMM)<\/a> \u2014 were priced at 36.6 bps over the three-year US Treasuries and have a semi-annual yield of 4.84% and a re-offer price of 99.78%. Investors from MENA, Africa, and Europe snapped the lion's share of the issuance at 64%, followed by the Americas at 31%. <\/p>\n

We knew this was coming: <\/strong>The CIF was reported to be lining up<\/a> for its first bond issuance under CCMM\u2019s borrowing program in December, after listing<\/a> its program on the London Stock Exchange in November.<\/p>\n","protected":false},"excerpt":{"rendered":"

The facility stands as the largest sustainability-linked, syndicated transaction by a real estate company in the Middle East<\/p>\n","protected":false},"author":1,"featured_media":89054,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[84],"tags":[630,83,11,164,153,223],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-89053","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-aldar-investment-properties","tag-debt-watch","tag-enterpriseclimate","tag-green-finance","tag-green-sukuk","tag-sustainability","wpautop","entry"],"acf":{"mongo_id":"85deb4ed-36a4-44b6-aae7-18d4c0160bb4","order":"8","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2025\/1\/1085.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Aldar raises AED 9 bn in sustainability-linked credit facility","related_issue":[89038],"teaser":"The facility stands as the largest sustainability-linked, syndicated transaction by a real estate company in the Middle East","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/1\/.6542047f-8743-49df-8d77-30e414a6a4c6.mp3"},"yoast_head":"\nAldar raises AED 9 bn in sustainability-linked credit facility - 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