ABU DHABI — Aldar Properties said yesterday that following strong investor demand for the proposed issue of exchangeable Trust Certificates (Sukuk Al Mudarabah), the pricing has been tightened to a spread of 65 basis points (bps) over the 5-year swap rate, from the initial range of 75 bps to 125 bps, over the 5 year mid-swap rate.
The exchange premium will be set at 37 per cent
premium over the arithmetic average of the volume weighted average price (VWAP) of the shares on each trading day from February 4, 2007 to pricing, converted into US dollar. The bookbuilding period closed on Friday, February 16 for international investors and is set to close at mid-day UAE time today for investors from the Middle East. the competitiveness of these instrument