Abu Dhabi's Aldar Properties has set initial price talk for its planned five-year sukuk issue, expressed in basis points, at mid-swaps plus the "very low 300s," a lead manager said on Monday.

Books for the deal are open and investor roadshows, which began last Thursday, will continue on Monday and Tuesday this week. Pricing is expected to follow.

Last week Aldar said it planned to issue a U.S. dollar sukuk of benchmark size - a phrase usually taken to mean at least $500 million - and had hired five banks to arrange the sale: National Bank of Abu Dhabi, First Gulf Bank, Dubai Islamic Bank, Standard Chartered and Goldman Sachs.

Follow us on Twitter: @ALB_TheBrief.