Aldar Properties recently issued $500 million worth of ten-year green bonds, which was part of a financing program launched by the company worth two billion dollars. The sale of these bonds received purchase orders exceeding $1.9 billion. The proceeds from the sale will be used to finance, refinance, and invest in green projects.
The green bonds were priced at a premium of 110 basis points over US Treasuries, which was lower than the initially indicated price of 140 basis points over the same bonds set earlier in the day. HSBC and Standard Chartered were joint global coordinators for the offering, with Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, Mashreq, and Morgan Stanley acting 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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