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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.

Tags: 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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