Aldar Investments lists $500 million Sukuk on ADX

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.