Aldar Properties Plans to Raise $1 Billion Through Hybrid Bonds

Aldar Properties, the Abu Dhabi-based real estate developer and asset manager, has finalized a $1 billion deal. Investor interest has driven book orders to over $4 billion, with initial price guidance set around 6.875%.

Moody's has rated the Regulation S notes at Baa3, one notch below the issuer’s Baa2 rating. The transaction is being managed by a consortium of bookrunners and joint lead managers, including Abu Dhabi Commercial Bank, Bank of China, Citigroup, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, Intesa Sanpaolo (London branch), JP Morgan, Mashreqbank, RAKBANK, and Standard Chartered.

The proceeds from the deal will be allocated to general corporate purposes.