September 24, 2018 / 5:08 AM / 3 months ago

Aldar Investment Properties starts marketing dollar sukuk

DUBAI, Sept 24 (Reuters) - Aldar Investment Properties, a fully owned subsidiary of Abu Dhabi’s largest developer Aldar Properties, started marketing on Monday seven-year U.S. dollar-denominated sukuk with an initial price guidance set in the high 100 basis points over mid-swaps, a bank document seen by Reuters showed.

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.

First Abu Dhabi Bank, JPMorgan and Standard Chartered Bank are coordinating the debt sale. (Reporting by Davide Barbuscia; Editing by Muralikumar Anantharaman)

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