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Emirates launches eurobond issue

Vimala Vasan

Abu Dhabi , March 10

EMIRATES airline on Wednesday announced that the debut eurobond issue for the airline is being launched at $500 million.

The issue will be a floating rate note with a tenure of seven years and will pay a margin of 0.80 per cent over six months Libor. The issue will be listed in Luxembourg.

The Chairman of Emirates, Sheikh Ahmed Bin Saeed Al Maktoum, said in a statement that this is the largest-ever unrated eurobond issue by an airline and also the largest ever unsecured issue by a corporation within the GCC.

The response to the issue has been extremely positive and Emirates has been able to achieve a wide geographical spread of investors, with over a quarter from Europe/Asia and over half from outside the UAE.

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