Aldar Unit Lists $500m Sukuk On Abu Dhabi Stock Market

A $500 million sukuk issued by Aldar Investment Properties, a 100 percent owned subsidiary of Aldar Properties, was listed on the Abu Dhabi Securities Exchange (ADX) on Thursday.

In a statement posted on the Abu Dhabi Securities Exchange website, Aldar Investment Properties said the fixed-rate, US dollar-denominated sukuk, with a tenor of 10 years, carries a coupon rate of 3.875 percent.

It added that the issue was six times oversubscribed, with global investors accounting for 71 percent of the total transaction allocation.

Aldar Investments owns and manages an AED20 billion portfolio of high-quality income-generating residential, retail, commercial and hospitality assets.

This sukuk issuance follows a debut seven-year $500 million sukuk that was issued by Aldar Investments in 2018, and was the first corporate sukuk to trade on the ADX.

Similar to the 2018 issuance, the new sukuk will also be traded on the Euronext Dublin exchange.

Talal Al Dhiyebi, CEO of Aldar, said: "The Aldar Investments sukuk issuance attracted strong global investor interest to finance a business with robust fundamentals.

"Secondary market liquidity plays a role in a successful transaction, and our dual listing on the Abu Dhabi Securities Exchange and Dublin Euronext provides a connection to geographically diverse and deep pools of capital."