Font Size
Share this article


Print Friendly Version
07 November 2019
SUKUK

Aldar Investments lists $500 million Sukuk on ADX

The fixed-rate, US dollar-denominated 10-year Sukuk, carries a coupon rate of 3.9 per cent and the Islamic bond will also be traded on the Euronext Dublin exchange.

by Kudakwashe Muzoriwa

Abu Dhabi’s Aldar Investments has listed $500 million Sukuk on the Abu Dhabi Securities Exchange (ADX) and the issuance was six times oversubscribed, with global investors accounting for 71 per cent of total allocations.

Aldar stated that the proceeds of the offering will be used to refinance existing debt, contribute to an optimal diversification of the firm’s funding base and extend the company’s overall duration of liabilities.

The issuance follows a successful debut seven-year $500 million Sukuk that was issued by Aldar Investments in 2018 and was the first corporate Islamic bond to trade on the ADX.

The offering was globally coordinated by Dubai Islamic Bank, First Abu Dhabi Bank as well as HSBC and Standard Chartered Bank. Similarly, the issuance was jointly managed by Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank as well as Emirates NBD Capital and Sharjah Islamic Bank.


RELATED STORIES: STANDARD CHARTERED BANK HSBC FIRST ABU DHABI BANK DUBAI ISLAMIC BANK SUKUK ALDAR INVESTMENTS SHARJAH ISLAMIC BANK

MOST READ


RECOMMENDED NEWS



BRANDS MAGAZINES LATEST EDITION

OUR BRANDS



CPI Financial was established in Dubai in 1999 to meet the needs of an ever-expanding financial community, offering a comprehensive portfolio of market-leading products and services tailor-made for the banking and financial services sectors.


Subscribe to our News Letter

Subscribe

© 2019 CPI Financial. All rights reserved.

No part of this website may be reproduced or used in any form of advertising without prior permission in writing from the editor.