Dubai Aviation Corporation (trading as “flydubai”), today came to the market with a landmark debut Sukuk transaction and successfully raised $500 million through a five year Sukuk. The order book was over six times oversubscribed demonstrating the strong investor appetite for this paper. The well-planned and swift execution took advantage of the positive market environment to build a high-quality order book for a five year Sukuk. The $500mn five year Sukuk priced at a profit rate of 3.776%, equivalent to 200 basis points over the five-year USD Mid-swaps. The issuance is a stand-alone. Proceeds of the issuance will be used
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