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Aldar completes USD 500 mn green sukuk issuance — its third debt issuance this year: Abu Dhabi’s Aldar Investment Properties, a unit of Aldar Properties, successfully issued a 10-year USD 500 mn green sukuk at a 5.25% coupon rate, according to an ADX disclosure (pdf). The Reg S, no-grow issuance marks the third under Aldar’s USD 2 bn Trust Certificate Issuance Program.
The details: The issuance, initially priced at Treasuries +140bps, saw final pricing tightened at 10-year Treasuries +110bps, benefiting from strong investor demand. The orderbook topped USD 3.6 bn, making it 7.2x oversubscribed. Proceeds will refinance sustainability-accredited real estate within Aldar’s Green Finance Framework and support the early redemption of a sukuk maturing in September 2025, as well as repayment of outstanding bank debt, according to the statement.
Who bought in? Regional investors took the majority of allocations (61%), while international investors accounted for 39%.
Part of Aldar’s broader financing strategy: Aldar raised AED 16.3 bn in new liquidity across its capital structure since the start of the year. Last month, Aldar Properties issued USD 1 bn Reg S hybrid capital notes — the largest conventional hybrid issuance in the Middle East — and closed an AED 9 bn sustainability-linked revolving credit facility, the largest syndicated loan of its kind secured by a real estate firm in the region. Moody’s reaffirmed in January Aldar’s investment-grade ratings, with AIP rated Baa1 and Aldar rated Baa2, both with stable outlooks.
ADVISORS- JP Morgan and Standard Chartered acted as joint global coordinators, joint lead managers, and bookrunners alongside our friends at Mashreq, HSBC, and First Abu Dhabi Bank, as well as Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Ajman Bank, Bank ABC, Dubai Islamic Bank, Emirates NBD Capital, KFH Capital, and Sharjah Islamic Bank.
OTHER DEBT NEWS-
Al Ansari Financial Services has amended the terms of a proposed shareholder loan, increasing the facility from AED 500 mn to AED 950 mn, according to a DFM disclosure (pdf). The loan, provided by parent company Al Ansari Holding, will be used for acquisitions, working capital, and capital expenditures on arm’s length terms. Shareholders will vote on the revised transaction at the annual general assembly meeting on 20 March.
