Aldar issued the bond with a maturity of four years and nine months, and attracted interest from 200 investors from Europe, the Middle East and Asia. The amount issued was increased to $2.53 billion from $2.2 billion, due to strong demand and half the issuance went to accounts in the UK.
Douglas Decker, London-based head of convertible origination at Barclays Capital, which underwrote the deal, said the secondary market in sukuk had also been growing significantly. He said: “We’ve been trading over $1 billion in the PCFC and Nakheel bonds [the two largest issues of Islamic bonds] and approximately $500 million in the Aldar. They are all traded pretty actively at a 25-point bid-offer spread in the secondary market.”
The week on Risk.net, July 7-13, 2018Receive this by email