Emirates to launch US$600 million sukuk

Emirates Airline to launch Islamic bullet bond (sukuk) worth US$600 million.

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By  Rhys Jones Published  May 31, 2005

Emirates Airline is set to launch a US$600 million Islamic bullet bond (sukuk) next month. The deal, which will be arranged by Dubai Islamic Bank (DIB) is Emirates’ third bond issue and first Islamic issue. DIB, HSBC and Standard Chartered Bank are set to act as joint book runners, while UBS, Gulf International Bank and National Bank of Abu Dhabi will act as joint lead managers. The sukuk will be offered in the GCC, Asia and Europe, excluding the UK, according to Mike Simon, senior vice-president for corporate communications, Emirates Airline. “The money raised from the bond will be used to finance the construction of Emirates Group corporate headquarters and the new engineering facility,” he said. Meanwhile, the airline revealed that the construction of its US$190 corporate headquarters, which began late last year is scheduled for the summer of 2006.

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