Emirates airline, Dubai’s flagship carrier, launched a $750 million 12-year amortizing bond on Thursday, with final pricing due later in the day, arranging banks said.
The bond, which matures in 2025 but carries an average life of seven years, launched at 300 basis points over seven-year midswaps, at the wider end of guidance released on Wednesday.
Order books were reportedly over $1.6 billion at around 0800 GMT, IFR Markets, a unit of Thomson Reuters reported.
Market sources indicated that weakness in credit markets may have affected the borrower’s ability to price at the tighter end of guidance. Moreover, regional deals normally benefit from a solid Gulf bid but the unusual amortizing structure of the bond may have found limited appeal among local investors.
http://english.alarabiya.net/articles/2013/01/31/263651.html
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