Abu Dhabi's Aldar Properties has hired banks to arrange a US dollar-denominated sukuk issue worth at least $750 million, Reuters reported, citing sources familiar with the matter.

 

The company has mandated JPMorgan, Standard Chartered, and First Abu Dhabi Bank for the debt sale. Other banks, including Dubai Islamic Bank, will also have a role in the deal, said the sources.

 

The issue will refinance a $750 million outstanding sukuk due in December this year, sources said, adding the size of the transaction may increase, depending on demand.

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