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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.
Read more:
Emirates
$1 billion bond
London Stock Exchange
Bertrand Grabowski
capital markets
UAE
Dubai
Deutsche Bank
National Bank of Abu Dhabi
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 here.
“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 directors, DVB.
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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