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Emirates prepares for a new amortising sukuk

March 12, 2013
Emirates airline, Dubai's flagship carrier has released price guidance on a 10-year amortising Islamic bond or sukuk and a deal could be launched on Tuesday once order books close.
The airline set profit rate guidance at a spread of 300-310 basis points over five year midswaps, arranging banks said, after releasing initial price talk on Sunday.
Global order books are due to close at 0930 GMT on Tuesday. Lead managers said books were oversubscribed for a benchmark-sized issue, typically at least $500 million, with strong anchor orders from regional investors.
Final size will depend on demand, but investors have reacted positively to the pricing guidance. The issue was already trading up in grey, or unofficial, trading, market sources said.
The bond will have an average weighted life of five years. Emirates tapped global debt markets in January for a $750 million amortising bond, which received a muted response due to weak market sentiment at the time.
Company — Emirates Airlines
  • Full name
  • Registration country
    United Arab Emirates
  • Industry