New Issue: Dubai's Emirates prices $1 billion 5 1/8% notes due 2016 to yield mid-swaps plus 330 bps

By Christine Van Dusen

Atlanta, June 1 - The United Arab Emirates-based Emirates sold $1 billion of 5 1/8% notes due June 8, 2016 at 99.904 to yield 5.147%, or mid-swaps plus 330 basis points, a market source said.

The notes came in below price talk, which was set at 337.5 bps over mid-swaps.

Deutsche Bank, Emirates NBD, HSBC and Morgan Stanley were the bookrunners for the Regulation S-only notes.

Emirates is an airline based in Dubai.

Issuer:	Emirates
Amount:	$1 billion
Maturity:	June 8, 2016
Description:	Senior notes
Bookrunners:	Deutsche Bank, Emirates NBD, HSBC, Morgan Stanley
Coupon:	5 1/8%
Price:	99.904
Yield:	5.147%
Spread:	Mid-swaps plus 330 bps
Trade date:	June 1
Settlement date:	June 8
Distribution:	Regulation S
Price talk:	Mid-swaps plus 337.5 bps

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