Etihad Airways, wholly owned by the Abu Dhabi government, is planning to sell U.S. dollar-denominated ‘transition’ sukuk, or Islamic bonds, a document issued by one of the banks leading the deal showed.
Proceeds of so-called transition bonds are used by companies to gradually switch to more environmentally sustainable operations.
Etihad has hired HSBC and Standard Chartered as joint global coordinators and “joint sustainability structuring agents” for the planned deal.
Abu Dhabi Islamic Bank, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank and Mashreq Bank will also be involved in the transaction.
The planned sukuk, which will be issued depending on market conditions, will have a five-year maturity and are part of a $3 billion sukuk programme expected to be rated ‘A’ by Fitch.
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