Reach for the sky



It took just days for Aldar, Abu Dhabi's largest property company, to withdraw the prospectus of its debut $1.3 billion sukuk. Such had been investor demand for the four-year Islamic bond that, in mid February, the firm announced it would be almost doubling the size of the issue to $2.53 billion. Not only that, but investors would be paid a full 10 basis points (bp) less than the Libor plus 75bp that had been previously advertised.

It is now clear that investors could have been pushed even lower

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