Emirates Airline bond takes flight

Emirates Airline has launched its $750m 12-year amortising bond priced at 300 basis points over seven-year midswaps. Although the bond priced at the wider end of guidance – possibly caused by the amortising stricture of the bond or the launch of a Dubai government sukuk last week – orderbooks were over $1.6bn on the opening day. The issue will begin to make coupon payments from February 2015. Arranging banks are Citi, Deutsche Bank, Emirates NBD, JPMorgan Chase, Morgan Stanley and Standard Chartered.