Sunday 24 June 2018

Emirates picks banks for roadshows

Dubai, January 23, 2013

Emirates, Dubai's flagship carrier, has picked six banks to arrange investor meetings ahead of a possible bond issue, a document from arranging banks said on Wednesday.

The airline chose Citigroup, Deutsche Bank, Emirates NBD, JP Morgan Chase, Morgan Stanley and Standard Chartered to arrange the roadshows, the document said.

A bond could follow the meetings, which will be held in London and Singapore on Jan. 28, Boston and Hong Kong on January 29 and New York on January 30, subject to market conditions, it added.

The airline will hope to follow the success of the government of Dubai, which priced a $1.25 billion two-tranche offering on Tuesday following significant investor demand.

Last September, Emirates Chief Executive Tim Clark said the carrier would issue bonds as part of a broader financing strategy for its aircraft orders worth billions of dollars.

Emirates last issued a bond in June 2011, with the $1 billion instrument currently trading to yield around 3 percent , but since then it has also sold Enhanced Equipment Trust Certificates (EETCs), which are similar to a form of secured debt financing, like mortgages.-Reuters

Tags: Airline | Dubai | Emirates | Roadshow |

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