Dubai's Emirates Airline Set to Raise $600 Million in Sukuk Sale - Bloomberg

Dubai's Emirates Airline Set to Raise $600 Million in Sukuk Sale - Bloomberg:

"Emirates is set to raise $600 million from the sale of Islamic bonds as the world’s biggest airline by international passengers joins a rush of borrowers from the Gulf region. The Dubai government-owned carrier sold 10-year amortizing sukuk at a profit rate of 4.5 percent, the company said in an emailed statement. The yield was cut from an initial guidance, which was in the high 4 percent range, according to a person familiar with the deal who asked not to be identified because the information is private. Emirates will use the money for general corporate purposes. Emirates joins a list of regional issuers seeking funding from bond markets before increases in U.S. interest rates push up borrowing costs. The emirate of Sharjah in the United Arab Emirates and Oman are among sovereigns that have raised funds via bonds so far this year, while Saudi Arabia is said to have selected banks to help manage an offering as soon as this month."



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