Emirates launches $750m bond
Emirates airline launched a $750 million 12-year amortising bond on Thursday, arranging banks said.
The bond, which matures in 2025 but carries an average life of seven years, launched at 300 basis points over seven-year midswaps, at the wider end of guidance released on Wednesday.
Order books were reportedly over $1.6 billion at around 0800 GMT, IFR Markets, a unit of Thomson Reuters reported.
The issue will begin to make coupon payments from February 2015, a document from arranging banks said.
Emirates' deal follows a substantially oversubscribed two-part bond offering from the Dubai government last week, allowing the sovereign to price the transaction at some of the lowest borrowing costs available to it.
Emirates last issued a bond in June 2011, with the $1 billion instrument currently trading to yield around 3.2 percent , about 20 basis points wider than where the company announced plans to tap markets.
Citi, Deutsche Bank, Emirates NBD, JPMorgan Chase, Morgan Stanley and Standard Chartered are lead arrangers on Emirates' latest issue.
Follow Emirates 24|7 on Google News.