Emirates readies 10 year amortising sukuk, gives low 300bp area guidance
Emirates, the UAE-based airline, has given initial profit rate talk of 300bp to low 300s over mid-swaps for a 10 year amortising sukuk. The Reg S only dollar denominated benchmark deal is set to be priced this week.
The sukuk will have a five year weighted average life. The amortising schedule means that Emirates will gradually pay down the sukuk ahead of maturity. The company will pay $99.97 per $1,000 in September this year, followed by $47.37 per $1,000 on each profit rate payment date thereafter.
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