In May, Aldar Properties sold $500 million worth of 10-year green bonds to finance a project under its green financing program. The 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. The offering received purchase orders exceeding $1.9 billion as part of a financing program launched by the company worth two billion dollars.
The proceeds from the sale of the green bonds will be used to finance, refinance, and invest in green projects. HSBC and Standard Chartered were appointed as joint global coordinators for the transaction, 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.
Aldar Properties is a real estate development company based in Abu Dhabi that owns 25% of Mubadala Investment Company while International Holding Company owns 26%. The company’s green financing program aims to promote sustainable development through investments in environmentally friendly projects.