UAE's Aldar Properties eyes dollar bond

Abu Dhabi's Aldar Properties ALDR.AD moved closer to tapping the capital markets through a bond issue, saying on Tuesday it would guarantee a possible dollar-denominated bond issued by a special purpose vehicle.

Ratings agency Standard & Poor's said it assigned the Aldar benchmark bond, which would be issued by a special purpose vehicle called Atlantic Finance Ltd., an A- rating, while Moody's assigned the notes a rating of A3.

Specialist finance publication IFR said Aldar, Abu Dhabi's largest real estate developer, had issued price guidance for a five-year issue of 9 percent, with no guidance on size.