Eti­had Air­ways sets fi­nal size of 5-year sukuk at $1.5bn

Kuwait Times - - BUSINESS -

Eti­had Air­ways has set its planned five-year sukuk at $1.5 bil­lion, the up­per end of an ex­pected range of $1.25 bil­lion to $1.5 bil­lion, banks lead­ing the trans­ac­tion said yes­ter­day. The UAE air­line set the fi­nal spread for its de­but Is­lamic debt is­suance at 210 ba­sis points over midswaps, after one bank in­volved said on Tues­day that fi­nal pric­ing was seen at around 215 ba­sis points over midswaps. Al­lo­ca­tion of the privately placed bond is ex­pected to start on Wed­nes­day and the bond will price im­me­di­ately af­ter­wards. The sukuk is be­ing ar­ranged by HSBC, JP Mor­gan and Na­tional Bank of Abu Dhabi. The bookrun­ners are Abu Dhabi Is­lamic Bank, Dubai Is­lamic Bank and First Gulf Bank.

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