Subscribe Free
in Business & Finance

Emirates set to close US$600 million Sukuk

Posted 19 March 2018 · Add Comment

Emirates has announce a successful execution of a US$600 million sukuk (Islamic finance issuance). The issuance received a good response from both local and international investors.

The issuance of the Trust Certificates, in the principal amount of US$600 million will be repaid in an amortizing format over 10 years with legal maturity in March 2028. The proceeds from the issuance will be used for general corporate purposes including aircraft financing and working capital.

Nirmal Govindadas, Emirates Senior Vice President, Corporate Treasury said:  “We are pleased with the level and quality of interest in this Sukuk issuance. Emirates continues to take a diversified approach to our long-term financing strategy and today’s issuance confirms the confidence of international and regional investors in our strong track record as well as resilient and profitable business model.”

Following investor outreach and marketing efforts commencing  8 March 2018, the Certificates were priced on 15 March 2018 at a profit rate of 4.50%, equivalent to 183.2 basis points over the 5 year USD Mid-swaps.

The Certificates are expected to be issued on 22 March 2018 and admitted into listing and trading on the regulated market of the Irish Stock Exchange and on NASDAQ Dubai.

Citi and Standard Chartered Bank acted as Global Coordinators and Joint Lead Managers, along with Abu Dhabi Islamic Bank, BNP Paribas, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, J.P. Morgan and Noor Bank as Joint Lead Managers.

* required field

Post a comment

Other Stories
Advertisement
Latest News

L3Harris launches pilot course to support Saudi citizens

Saudi Arabia’s L3Harris has launched a new course to support Saudi citizens who wish to become commercial pilots.

GECAS Cargo adds more 737-800BCF Narrowbody freighters

GECAS has signed an agreement with Boeing converting 11 737-800 Boeing Converted Freighter options to firm orders and adding nine additional options to the GECAS Cargo order book.

Emirates launches an airbridge between Dubai and Lebanon

Emirates is to provide critical emergency relief and aid to the hundreds of thousands of people affected by the recent blasts in Lebanon.

Rolls-Royce takes next step in sustainability drive

Rolls-Royce has started its latest phase of testing on its low-emissions technology for its next generation of engines.

FL Technics renews GCAA Part 21 certificate

MRO services provider FL Technics has renewed its GCAA Part 21 (Design) certificate for another year.

Second phase of UAE residents return programme under way

The Authority for Identity and Citizenship (ICA) and the National Crisis & Emergency Management Authority (NCEMA) have launched the second phase of the UAE Resident Return Programme with immediate effect.

GAS_SK2805200920
See us at
Global Aerospace Summit 2020World Defence Show 2022Saudi International Airshow 2021Aviation MENA 2021Manama Air Power Symposium 2020