{"id":99522,"date":"2025-01-10T00:00:00","date_gmt":"2025-01-10T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/aldar-and-fabs-issuances-meet-strong-demand\/"},"modified":"2025-01-10T00:00:00","modified_gmt":"2025-01-10T00:00:00","slug":"aldar-and-fabs-issuances-meet-strong-demand","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2025\/01\/10\/aldar-and-fabs-issuances-meet-strong-demand\/","title":{"rendered":"Aldar and FAB\u2019s issuances meet strong demand"},"content":{"rendered":"

First Abu Dhabi Bank (FAB) and Aldar Properties\u2019 issuances met strong<\/strong> demand <\/strong>amid a new-year debt rush that also saw Emirates NBD<\/a> tap debt markets for a USD 700 mn issuance. <\/p>\n

#1- Aldar completes largest hybrid issuance in the Middle East: <\/strong>Aldar Properties issued USD 1 bn Reg S hybrid capital notes yesterday, making it the largest conventional hybrid issuance in the Middle East, according to a statement (pdf)<\/a>. The orderbook for the issuance was 3.8x oversubscribed, attracting USD 4.9 bn worth of bids from investors.<\/p>\n

The issuance secured the tightest spread for a corporate hybrid in CEEMEA: <\/strong>Aldar priced the USD-denominated issuance with an annual yield of 6.625%, including a 500 basis point (bp) step-up<\/a> if not called \u2014 the tightest credit spread at issuance for a corporate hybrid in the CEEMEA region.<\/p>\n

The breakdown:<\/strong> Mena investors accounted for the largest share of subscribers, comprising 41% of the issuance, followed by UK investors at 38%. European investors represented 9%, while investors from North America contributed 8% and Asia 4%.<\/p>\n

Refresher: <\/strong>The bonds have a 30.25 tenor<\/a>, and are callable in 7.25 years. The issuance was rated by Moody's one notch below Aldar's Baa2 issuer rating at Baa3<\/p>\n

The hybrid notes are a first for Aldar<\/strong>, and come in a bid to \u201creinforce\u201d the company\u2019s strong balance sheet and credit profile as it pushes forward with its growth plans, including landbank expansion, portfolio development, and acquisitions, according to the statement. The funds will also be allocated toward reducing senior debt to bolster Aldar\u2019s credit profile.<\/p>\n

REMEMBER- Aldar has big expansion plans:<\/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. <\/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

\n

#2- First Abu Dhabi Bank subsidiary FAB Sukuk priced its USD 600 mn five-year sukuk <\/strong>amid strong demand <\/strong>with a profit rate of 5.2%, according to a press release<\/a>. The sukuk \u2014 which was 2x oversubscribed, with initial pricing of T+100 bps \u2014 will list<\/a> on the London Stock Exchange, with settlement set for 16 January. This issuance is part of FAB Sukuk\u2019s USD 5 bn trust certificate program.<\/p>\n

ADVISORS-<\/strong> Abu Dhabi Islamic Bank, Dubai Islamic Bank, Emirates NBD Capital, FAB, Industrial and Commercial Bank of China, Jeddah-based Islamic Corporation for the Development of the Private Sector, and Standard Chartered were appointed as joint lead managers and bookrunners.<\/p>\n

**This story was amended to correct Moody's rating for Aldar, at Baa2, and the rating for the issuance at Baa3. <\/p>\n","protected":false},"excerpt":{"rendered":"

Aldar secured the tightest spread for a corporate hybrid issuance in CEEMEA<\/p>\n","protected":false},"author":1,"featured_media":99523,"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":[97,68,65,66],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-99522","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-aldar-properties","tag-debt-watch","tag-first-abu-dhabi-bank","tag-sukuk","wpautop","entry"],"acf":{"mongo_id":"87e45cd6-e9fa-4eb7-9024-4c50accfe048","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/8\/1602.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Aldar and FAB\u2019s issuances meet strong demand","related_issue":[99517],"teaser":"Aldar secured the tightest spread for a corporate hybrid issuance in CEEMEA","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/1\/.3e6405f3-901b-41e2-9967-0c2e22934258.mp3"},"yoast_head":"\nAldar and FAB\u2019s issuances meet strong demand - 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