Aldar pulls trigger on debut green bond issuance: Abu Dhabi’s Aldar Investment Properties (AIP) — a unit of Aldar Properties — has raised USD 500 mn through its debut 10-year inaugural green sukuk, it said in a disclosure to the ADX (pdf) on Thursday. The issuance comes under its Green Finance Framework, which focuses on investments in sustainable projects such as green buildings, property development to improve energy efficiency, and renewable energy sources.

The details: The 10-year sukuk was priced at a 4.875% coupon rate and is among the highest price tightening of any corporate issuance this year, according to disclosure. The issuance was 4x oversubscribed securing local, regional, and international investors with order books topping USD 2.3 bn.

All part of a sustainability push: The issuance comes under a USD 2 bn financing program by the AIP to back its growth agenda and sustainability track, and is in line with the UAE’s net zero ambitions by 2050 and AIP’s plan to become a net zero carbon firm by 2050. Proceeds from the sukuk will be used in accordance with Aldar’s Green Finance Framework to finance green initiatives and acquisitions, it added.

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.