Emirates announces possible issue of sukuk

Emirates announces possible issue of sukuk
Emirates head office (Picture source: www.emirates.com)
Published: 11 March 2018 - 9 a.m.
By: Namitha Madhu

Emirates airline has mandated Citi and Standard Chartered Bank 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 to arrange a global investor roadshow to meet fixed income investors.

According to a press release, a benchmark sukuk issue may follow subject to market conditions. The proceeds of the sukuk will be used for general corporate purposes.

“Emirates has tapped the debt capital markets with four corporate issuances since 2011 raising over US$3.65bn (AED13.4bn), over 50% of which has been in the Sukuk format. Since 2010, Emirates has fully repaid six bonds, including sukuks, totalling AED10.4 billion (US$2.8bn),” the release stated.

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