Emirates announces $600m sukuk to be listed in Dubai, Ireland

Emirates has announced the successful execution of a $600 million Islamic sukuk, saying the issuance received a good response from both local and international investors.

The sukuk will be repaid in an amortising format over 10 years with legal maturity in March 2028, the Dubai-based airline said in a statement.

It added that the proceeds from the issuance will be used for general corporate purposes including aircraft financing and working capital.

Nirmal Govindadas, Emirates senior vice president, Corporate Treasury said: “We are pleased with the level and quality of interest in this sukuk issuance. Emirates continues to take a diversified approach to our long-term financing strategy and today’s issuance confirms the confidence of international and regional investors in our strong track record as well as resilient and profitable business model.”

The sukuk certificates are expected to be issued on March 22 and admitted into listing and trading on the regulated market of the Irish Stock Exchange and on NASDAQ Dubai.

The airline said it continues to raise capital via innovative structures, through various geographies and diverse sources of liquidity as part of its corporate funding strategy.