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Emirates hires banks for sukuk of up to $1 bn

Emirates will restart passenger flights to Baghdad from March 1, 2015. (Supplied)

By Reuters

Emirates airline has hired banks to help it arrange a sukuk of up to $1 billion, according to five sources familiar with the matter.

Two of the sources said the deal could close by the end of the first quarter.
The issue will be backed by UK Export Finance, the sources said, the first time that Britain's export credit agency has guaranteed an Islamic bond issue.

The transaction is likely to be worth up to $1 billion, according to three of the sources, with one adding that the lifespan would be between five and ten years.

Eight banks are arranging the transaction, according to two of the sources: HSBC, Citigroup, JP Morgan  and National Bank of Abu Dhabi, Dubai Islamic Bank, Abu Dhabi Islamic Bank, Emirates NBD  and Standard Chartered.

Spokeswomen for Emirates and UK Export Finance declined to comment.