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Middle East Deal of the Year 2011
19 April 2012
Emirates
Read more:
Deals of the Year
2011
As investment bankers pitch the capital markets to clients with large order books, many international airlines, and often privately owned companies, are resisting the need to get a rating. In 2011 Emirates showed how an airline raises $1 billion of unsecured money without a rating.
The Emirates treasury team had been working on an unsecured bond since the beginning of the year but, given market volatility during the first half of 2011, the company waited for stability. There were also issues about where the deal would price. For investors, and Wall Street bankers, it was tough to figure out where the deal would price.
"The order consisted of over 400 different global investors and...
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