October 8, 2019 / 7:12 AM / 6 days ago

Abu Dhabi's Aldar hires banks for dollar sukuk

DUBAI, Oct 8 (Reuters) - Aldar Investment Properties, a fully owned subsidiary of Abu Dhabi’s largest developer Aldar Properties, has hired banks to arrange investor meetings ahead of a planned issue of U.S. dollar-denominated sukuk, or Islamic bonds, a document issued by one of the banks showed.

Aldar, 37.3% indirectly owned by Abu Dhabi’s sovereign wealth fund Mubadala, has mandated a group of banks including Dubai Islamic Bank, First Abu Dhabi Bank, HSBC and Standard Chartered to lead the potential deal.

Subject to market conditions, it is planning to sell a sukuk with a 10-year maturity and of benchmark size, which generally means upwards of $500 million, the document said.

Reporting by Davide Barbuscia; editing by Jason Neely

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