Emirates Airline has released price guidance on a 10-year amortising Islamic bond, or sukuk, and a deal could be launched on Tuesday once order books close.
The airline set profit rate guidance at a spread of 300-310 basis points over five year midswaps, arranging banks said, after releasing initial price talk on Sunday.
Global order books are due to close on Tuesday. Lead managers said books were oversubscribed for a benchmark-sized issue, typically at least US$500 million, with strong anchor orders from regional investors.
Final size will depend on demand, but investors have reacted positively to the pricing guidance. The issue was already trading up in grey, or unofficial, trading, market sources said.
The bond will have an average weighted life of five years.
Emirates tapped global debt markets in January for a $750m amortising bond, which received a muted response due to weak market sentiment at the time.
The 4.5 per cent 2025 paper was bid just below par at 99.9 cents on the dollar on Tuesday morning to yield 4.51 per cent, according to Thomson Reuters data.
Given that the new amortiser has a two-year shorter duration, bankers had expected it to tighten inside the initial price talk. At current guidance, pricing for the new issue appears generous, bankers told IFR Markets, a unit of Thomson Reuters.
Citigroup, Standard Chartered, Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Dubai Islamic Bank and ENBD Capital are mandated lead managers for the sukuk.
* Reuters
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
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How to improve Arabic reading in early years
One 45-minute class per week in Standard Arabic is not sufficient
The goal should be for grade 1 and 2 students to become fluent readers
Subjects like technology, social studies, science can be taught in later grades
Grade 1 curricula should include oral instruction in Standard Arabic
First graders must regularly practice individual letters and combinations
Time should be slotted in class to read longer passages in early grades
Improve the appearance of textbooks
Revision of curriculum should be undertaken as per research findings
Conjugations of most common verb forms should be taught
Systematic learning of Standard Arabic grammar
Company%20Profile
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