Aldar’s debut green bond issuance has an initial price guidance: Abu Dhabi’s Aldar Investment Properties — a unit of Aldar Properties — plans to issue a USD 500 mn 10-year inaugural green sukuk bond next Wednesday, Reuters reports, citing a bank document. Initial price guidance for the bond, which comes under the company’s Green Framework, was set at 185 bps over US treasuries, the document notes. The new details come one day after Aldar asked banks to arrange a global investor call and one-on-one small group fixed income investor calls over the sukuk issuance.

Advisors: HSBC and Standard Chartered Bank are acting as joint global coordinators, while Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, and Mashreq are acting as joint lead managers and joint bookrunners.

REMEMBER- Interest in green bonds and green sukuk has been on the rise in the region in recent months ahead of COP28 in the UAE. Last month, the UAE’s state-owned Abu Dhabi National Energy Company (Taqa) raised an aggregate USD 1.5 bn in a dual-tranche green bond issuance that was almost 10x oversubscribed at a final order under the company’s new Green Finance Framework.