Emirates sukuk forecasts fall

Emirates, which is considering refinancing $550mn of sukuk maturing in June, may pay 339 basis points over similar maturity midswap rates, or about 4.55%, says Bloomberg. This is below the average yield on eight corporate Gulf Islamic bonds included in the HSBC/Nasdaq Dubai GCC Corporate US Dollar Sukuk Index. After a record year, Emirates, will be able to raise cheaper funds than when it sold $1bn of non-Shariah- compliant bonds in June. The airline is reportedly studying all its options.