DUBAI 8 March 2018: Emirates, the world’s largest international airline, has mandated a group of banks to arrange a global investor roadshow to meet fixed income investors, commencing on 8th March, regarding its A benchmark sukuk (Islamic bond) issue/
The sukuk proceeds are to be used for general corporate purposes, and may follow subject to market conditions.
Mandated banks are 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, said Wam.
Emirates has tapped the debt capital markets with four corporate issuances since 2011 raising over US$3.65 billion (Dh13.4 billion), over 50 per cent of which has been in the sukuk format. Since 2010, Emirates has fully repaid six bonds, including sukuks, totalling Dh10.4 billion ($2.8 billion).
In 2015 Emirates also raised the UK Export Finance backed $913 million sukuk utilised for pre-funded aircraft financing, which was the largest ever capital markets offering in the aviation space with an Export Credit Agency guarantee.
Through innovative structures, over the period covering approximately 10 years up to 31 March 2017, Emirates has accessed the conventional debt capital markets and Islamic funding for 8 percent of all the Company’s funding needs. The airline also utilises operating leases, commercial financing, and European export credit agencies and the United States Export-Import Bank backed financing as part of its well diversified sources of liquidity