(Updates with size, tighter spread)
DUBAI, Oct 23 (Reuters) - Majid Al Futtaim, a UAE-based
developer and shopping mall operator, is set to raise $600
million by selling "green" sukuk, or Islamic bonds, a document
issued by one of the banks leading the sale showed on Wednesday.
The bonds, due in February 2030, offer 230 basis points over
mid-swaps, down from an initial price guidance of around 250
basis points over.
The offering has received orders in excess of $2.1 billion,
including interest from the joint lead managers, the document
said.
The bonds will be used to finance or refinance renewable
energy projects or projects related to energy efficiency.
Green bonds are a growing category of fixed-income
securities and green sukuk could widen the appeal of Islamic
bonds beyond traditional markets in Asia and the Middle East to
include ethical investors in Western countries.
BNP Paribas, Citi and HSBC have
been hired to coordinate the deal, with Abu Dhabi Islamic Bank
, Dubai Islamic Bank, ENBD Capital,
and First Abu Dhabi Bank also participating.
(Reporting by Davide Barbuscia; Editing by Himani Sarkar and
Mark Potter)
HSBC Holdings (HSBA)