- City Fajr Shuruq Duhr Asr Magrib Isha
- Dubai 04:52 06:05 12:13 15:36 18:15 19:28
Qatar Aviation Leasing, set up to purchase aircraft and lease them to Qatar Airways, has launched syndication of a $650 million (Dh2.38 billion) loan via Deutsche Bank and Standard Chartered Bank, banking sources said.
The deal is the first Gulf loan to launch this year.
The three-year loan is fully underwritten and pre-funded, and includes a sovereign guarantee, the sources said. It carries a margin of 250 basis points (bps) over Libor, which is seen as generous given that Qatar five-year credit default swaps are priced at 115 bps. "The pricing is way above what a State of Qatar guarantee should be priced at," one of the sources said.
Abu Dhabi Government-owned Mubadala Development Company, meanwhile, is in talks with banks to refinance its $2 billion syndicated loan that matures in April.
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