Emirates Picks HSBC, Citi to Arrange $1 Billion Sukuk - Bloomberg

Emirates Picks HSBC, Citi to Arrange $1 Billion Sukuk - Bloomberg:

"Emirates, the world’s biggest airline by international traffic, has mandated eight banks including HSBC Holdings Plc and Standard Chartered Plc to manage a sale of Islamic bonds, according to two people with knowledge of the transaction. The Dubai government-owned carrier also picked Citigroup Inc., BNP Paribas SA, Emirates NBD PJSC, Dubai Islamic Bank PJSC, Abu Dhabi Islamic Bank PJSC and Noor Bank PJSC, said the people, asking not to be identified because the information is private. The issue is scheduled for the next few weeks and will aim to raise about $1 billion, they said. Emirates will join a list of regional issuers seeking funding from international bond markets before expected increases in U.S. interest rates push up borrowing costs. Issuers from the six-nation Gulf Cooperation Council, which includes the two biggest Arab economies of Saudi Arabia and the United Arab Emirates, raised a record $84.9 billion from bond sales last year as they sought to take advantage of low interest rates and sidestep tight liquidity in the local-loans market amid low oil prices."



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