New Issue: Emirates Airlines prices $600 million 4½% 10-year Sukuk to yield 4.6%

By Rebecca Melvin

New York, March 15 – Zahidi Ltd., a subsidiary of the United Arab Emirates' Emirates Airlines, priced a $600 million 10-year Sukuk on Thursday at 99.573 to yield 4.6%, according to a syndicate source.

The notes, which have a 10-year legal life and a five-year weighted average life, were initially talked to yield in the high 4% area.

Citigroup and Standard Chartered Bank were global coordinators and joint lead managers of the Regulation S deal, along with Abu Dhabi Islamic Bank, BNP Paribas, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, JPMorgan and Noor Bank as joint lead managers.

Sharjah Islamic Bank and Union National Bank were co-leads.

Emirates is an airline based in Dubai.

Issuer:	Zahidi Ltd.
Company:	Emirates Airlines
Issue:	Islamic Bond
Amount:	$600 million
Maturity:	March 22, 2028
Bookrunners:	Citigroup, Standard Chartered Bank, Abu Dhabi Islamic Bank, BNP Paribas, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, JPMorgan and Noor Bank
Co-leads:	Shajah Islamic Bank and Union National Bank
Distribution rate:	4½%
Price:	99.573
Yield:	4.6%
Pricing date:	March 15
Settlement date:	March 22
Distribution:	Regulation S

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