Aldar Properties is marketing a US dollar 30.25-year non-call 7.25 hybrid bond at initial price thoughts of low 7% area.

There will be a 500bp step-up if the bonds are not called.

The Reg S notes will be rated Baa2 by Moody's, one notch below the issuer's Baa3 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.

Source: IFR