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Analysis: Emirates goes to the capital markets
03 June 2011
After a roadshow covering Asia, Europe and the Middle East, Dubai carrier Emirates closed its first issuance this week.
Emirates’ $1 billion bond, which priced this
week, demonstrates the strong investor demand for airline paper
in the capital markets. The five-year unrated issuance has a
fixed-rate coupon of 5.125% and will be listed in the London
Stock Exchange. Read the story
"This new deal proves once more that aviation is back to
being the darling of investors in search of quality assets,"
says Bertrand Grabowski, member of the board of managing
The deal is especially significant because Emirates closed
the deal without a corporate rating and without US investors.
One European banker says Emirates is...
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