FlyDubai’s $500 million five-year sukuk now talked at mid-swaps plus 212.5 bps; pricing Wednesday

By Christine Van Dusen

Atlanta, Nov. 19 – Dubai Aviation Corp. (FlyDubai) revised talk for a $500 million issue of Islamic bonds due in five years to mid-swaps plus 212.5 basis points, a market source said.

The notes were initially talked at a spread in the 225 bps area.

Credit Agricole CIB, Dubai Islamic Bank, Emirates NBD, HSBC, National Bank of Abu Dhabi, Noor Bank and Standard Chartered Bank are the bookrunners for the sukuk issue.

The notes are expected to price on Wednesday.

The issuer is a low-cost airline.

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