New Issue: Dubai's Emirates airline prices $1 billion 3 7/8% notes due 2023 at 300 bps spread

By Christine Van Dusen

Atlanta, March 12 - Dubai's Emirates airline - through funding vehicle Medjool Ltd. - printed a $1 billion issue of 3 7/8% amortizing Islamic bonds at 99.331 to yield 4.024%, or mid-swaps plus 300 basis points, a market source said.

The notes were talked at a spread in the low-300 bps area.

Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Citigroup, Dubai Islamic Bank PJSC, Emirates NBD Capital Ltd. and Standard Chartered Bank were the bookrunners for the Regulation S-only sukuk.

The notes include a change-of-control put if the Government of Dubai ceases to own more than 50% of the company.

Issuer:	Medjool Ltd.
Amount:	$1 billion
Maturity:	March 19, 2023
Description:	Amortizing senior notes
Bookrunners:	Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Citigroup, Dubai Islamic Bank PJSC, Emirates NBD Capital Ltd., Standard Chartered Bank
Coupon:	3 7/8%
Price:	99.331
Yield:	4.024%
Spread:	Mid-swaps plus 300 bps
Change-of-control put:	If Government of Dubai ceases to own more than 50%
Trade date:	March 12
Settlement date:	March 19
Distribution:	Regulation S only
Price talk:	Mid-swaps plus low-300 bps area

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