Emirates Airlines guides 10-year dollar benchmark Sukuk to yield 4.6%

By Rebecca Melvin

New York, March 15 – Zahidi Ltd., a subsidiary of the United Arab Emirates' Emirates Airlines, guided its planned 10-year dollar benchmark Sukuk 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.

Final terms are expected to be set later Thursday.

Citigroup and Standard Chartered Bank are 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.

Emirates is an airline based in Dubai.

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