Clifford Chance has advised eight banks which are the joint lead managers of the Islamic bonds issued by Sukuk Funding (No. 2), a special purpose vehicle established by Aldar Properties.
The banks are Abu Dhabi Commercial Bank, Barclays Bank, Credit Suisse Securities (Europe), Dubai Islamic Bank, First Gulf Bank, Lehman Brothers International (Europe), National Bank of Abu Dhabi and Noor Islamic Bank. Aldar was advised by the London office of Allen & Overy.
The AED3.75 billion (US$1.02 billion) Sukuk is due in 2013, and has been rated ‘A-’ by Standard & Poor’s and ‘A3’ by Moody’s Investors Service.