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Abu Dhabi's Aldar markets $500 million sukuk

Credit: REUTERS/STRINGER

Aldar Investment Properties, a fully owned subsidiary of Abu Dhabi's largest developer Aldar Properties, on Tuesday began marketing a 10-year sukuk, or Islamic bonds, worth $500 million, a document issued by one of the banks leading the deal showed.

DUBAI, Oct 15 (Reuters) - Aldar Investment Properties, a fully owned subsidiary of Abu Dhabi's largest developer Aldar Properties ALDAR.AD, on Tuesday began marketing a 10-year sukuk, or Islamic bonds, worth $500 million, a document issued by one of the banks leading the deal showed.

The bonds offer an initial price guidance of around 260 basis points over mid-swaps, the document said.

Dubai Islamic Bank, First Abu Dhabi Bank, HSBC and Standard Chartered have been hired to coordinate the debt sale, which will be completed later on Tuesday.

(Reporting by Davide Barbuscia; editing by Darren Schuettler)

((Davide.Barbuscia@thomsonreuters.com; +971522604297; Reuters Messaging: davide.barbuscia.reuters.com@reuters.net))

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