Emirates $913 million sukuk

Overview:

• Emirates has undertaken a $913 million sukuk (Islamic bond).
• The sukuk has been priced at a profit rate of 2.471% and was issued on the LSE and Nasdaq Dubai on a Rule 144A/Reg S basis by Khadrawy.
• Citigroup Global Markets, HSBC, JPMorgan Securities and National Bank of Abu Dhabi acted as joint structuring agents and joint lead managers; Abu Dhabi Islamic Bank, Dubai Islamic Bank, Emirates NBD and Standard Chartered acted as joint lead managers and NCB Capital acted as co-lead manager.
• The deal is the first ever export credit agency (ECA) backed sukuk. It was guaranteed by the Export Credits Guarantee Department of UK Export Finance.
• The funds will be used to fund the acquisition of four Airbus A380-800 aircraft.

Sam Duke - Editor