September 24, 2018 / 11:14 AM / a year ago

Aldar Investment Properties sets price guidance for dollar sukuk

DUBAI, Sept 24 (Reuters) - Aldar Investment Properties, a subsidiary of Abu Dhabi’s largest developer Aldar Properties , has set at 175-180 basis points over mid-swaps the price guidance for a planned seven-year U.S. dollar-denominated sukuk, according to a bank document reviewed by Reuters.

The senior, unsecured sukuk, or Islamic bonds, will be of benchmark size, which generally means upwards of $500 million, and they are expected to price later on Monday.

Orders for the notes topped $1.15 billion, including $735 million of interest from the banks leading the deal, the document showed. (Reporting by Davide Barbuscia, editing by Louise Heavens)

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