The Hindu Business Line : Emirates plans $550-m Islamic bond issue

The joint lead managers for the issue are National Bank of Abu Dhabi, UBS Investment Bank and Gulf International Bank. The issue will be initially listed on the Luxembourg Stock Exchange.

Institutional investors based in the GCC region and outside can invest in the sukuk, according to a statement from the airline.

Mr Riyaz Peermohamed, Emirates' Senior Vice-President (Corporate Treasury), said: "The bond has been benchmarked at around $550 million. It will be issued in June and will be offered to institutional investors in the GCC, as well as in Europe and Asia.

"The money raised from the bond issue will be used to finance the new Emirates engineering centre and its new headquarters building, both currently under construction.

"In 2001, Emirates entered the regional capital markets with a Dirham bond issue, which was oversubscribed more than 2.5 times. This was the first issue by a UAE corporation and the first bond to be listed on the Dubai financial market. Last year, Emirates came out with a euro-bond issue, listed on the Luxembourg Stock Exchange. It was oversubscribed by 25 per cent . More than a third of this issue was subscribed by investors outside the GCC region."

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