{"id":99389,"date":"2025-01-07T00:00:00","date_gmt":"2025-01-07T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/aldar-taps-banks-for-benchmark-sized-hybrid-notes\/"},"modified":"2025-01-07T00:00:00","modified_gmt":"2025-01-07T00:00:00","slug":"aldar-taps-banks-for-benchmark-sized-hybrid-notes","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2025\/01\/07\/aldar-taps-banks-for-benchmark-sized-hybrid-notes\/","title":{"rendered":"Aldar taps banks for benchmark-sized hybrid notes"},"content":{"rendered":"

Aldar plans USD benchmark-sized hybrid notes:<\/strong> Aldar Properties is preparing to issue benchmark-sized USD-denominated Reg S hybrid subordinated notes with a 30.25 tenor, callable in 7.25 years, Zawya<\/a> and Global Capital<\/a> report. The company tapped banks to organize a global investor call and fixed-income investor calls starting 6 January. The instrument size remains undisclosed, with Moody\u2019s assigning it a Baa3 rating.<\/p>\n

SOUND SMART-<\/strong> A USD-denominated Reg S hybrid is a subordinated USD-based financial instrument offered to non-US investors, combining debt and equity features. The fact that it\u2019s benchmark-sized means the issuance will be at least USD 500 mn. <\/p>\n

REMEMBER-<\/strong> Aldar has been an active issuer as of late as the developer looks to <\/strong>expand into Dubai and into new verticals.<\/strong> The Abu Dhabi developer set aside AED 1 bn<\/a> last year to expand its logistics operations in Abu Dhabi and Dubai, and AED 5 bn<\/a> for commercial, retail, and hospitality assets set to open between 2025 and 2027. In July, it also committed AED 1.8 bn<\/a> to scale its commercial presence in key Dubai business districts. The developer issued USD 500 mn in 10-year green sukuk<\/a> in May last year, drawing USD 1.9 bn in orders, and had previously launched another USD 500 mn green sukuk in 2023.<\/p>\n

The property developer is looking into NCDs as well:<\/strong> The Abu Dhabi-based property developer sought board approval<\/a> last month to issue up to USD 1.5 bn in non-convertible debentures (NCDs).<\/p>\n

ADVISORS-<\/strong> Citi was appointed as the sole structuring advisor, global coordinator, and joint bookrunner. Our friends at Mashreq, along with Abu Dhabi Commercial Bank, Bank of China, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, IMI-Intesa Sanpaolo, JP Morgan, Rakbank, and Standard Chartered Bank, are also serving as joint lead managers and bookrunners.<\/p>\n","protected":false},"excerpt":{"rendered":"

The instrument was rated Baa3 by Moody\u2019s<\/p>\n","protected":false},"author":1,"featured_media":99390,"comment_status":"","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":[1546],"tags":[97,1391,68,7,98],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-99389","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-aldar-properties","tag-debt","tag-debt-watch","tag-enterpriseam-uae","tag-real-estate","wpautop","entry"],"acf":{"mongo_id":"b74ab654-cff4-4279-9212-c6558858afce","order":"6","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2025\/1\/228.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Aldar taps banks for benchmark-sized hybrid notes","related_issue":[99379],"teaser":"The instrument was rated Baa3 by Moody\u2019s","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/1\/.5c8fda91-d55e-48dc-98f5-9404ff63f5fc.mp3"},"yoast_head":"\nAldar taps banks for benchmark-sized hybrid notes - 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