Published: March 11, 2013
UAE airline issues benchmark Islamic issuance.
UAE airline Emirates has raised US$1bn through a 10-year sukuk.
The Islamic issuance was launched with a profit rate of 3.875%. The sukuk was three-times oversubscribed, with most orders coming from the Middle East and North Africa.
Standard Chartered Bank and Citi were global coordinators, joined as lead managers by Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Dubai Islamic Bank and Emirates NBD Capital.