Emirates, the world's biggest airline by international traffic, will start meetings with investors tomorrow for a possible sale of Islamic bonds, acco (more)
Emirates, the world's biggest airline by international traffic, will start meetings with investors tomorrow for a possible sale of Islamic bonds, according to three people familiar with the matter.
The Dubai government-owned carrier hired Citigroup Inc., Standard Chartered Plc (STAN), Abu Dhabi Commercial Bank PJSC (ADCB), Abu Dhabi Islamic Bank PJSC (ADIB), Dubai Islamic Bank PJSC (DIB) and Emirates NBD Capital Ltd. to arrange the meetings, said the bankers, who asked not to be identified because the details aren't public. The sukuk will be denominated in dollars, they said.
Emirates raised $750 million from the sale of 12-year bonds in January. The senior unsecured notes were priced to yield 300 basis points, or three percentage points, above the seven-year U.S. dollar mid-swap rate, bankers familiar with the matter said Jan. 31. The amortizing bonds, which mature in February 2025, have a weighted average life of seven years.
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