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Aldar Properties, Abu Dhabi-based property developer and real estate asset manager, which is selling a US dollar 30.25-year non-call 7.25 hybrid bond, has set the deal size at $1 billion.
Books are in excess of $4 billion, excluding joint lead manager interest. The initial price thoughts are in the 6.875% area.
The Regulation S notes are rated Baa3 by Moody's, one notch below the issuer's Baa2 rating.
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 are joint lead managers and bookrunners.
The proceeds will be used for general corporate purposes.
(Writing by Brinda Darasha; editing by Seban Scaria)
