Aldar Properties issued $500 million worth of green bonds with a ten-year term, priced at a premium of 110 basis points over US Treasuries. This was lower than the initially indicated price of 140 basis points. The offering received purchase orders exceeding $1.9 billion as part of a financing program launched by the company worth two billion dollars.
The proceeds from the sale of these green bonds will be used to finance, refinance and invest in green projects. HSBC and Standard Chartered were named as joint global coordinators, while Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, Mashreq and Morgan Stanley served as lead managers and joint bookrunners.
Mubadala Investment Company owns 25% of Aldar Properties, while International Holding Company owns 26%. In mid-May, the real estate development company sold 10-year green bonds worth $500 million to fund a project within its green financing program.
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