Aldar Properties, a real estate asset manager and developer based in Abu Dhabi, has set the deal size at $1 billion. Including joint lead manager interest, books are over $4 billion, with initial price thoughts in the 6.875% range.
Moody’s has rated the Regulation S notes Baa3, which is one notch lower than the issuer’s Baa2 rating. The bookrunners and joint lead managers are 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 will be used for general corporate purposes.
