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Emirates eyes $750 mln from bond – sources

Dubai carrier's bond seen pricing Wednesday; Strong order book expected


June 1, 2011 1:52 by

Emirates airline, which is expected to price a dollar-denominated bond on Wednesday, is aiming to raise about $750 million from the sale, two banking sources said on Tuesday.

Lead managers on the issue had said that the Dubai airline was planning a benchmark-sized bond, which is typically at least $500 million.

“They’re looking at a minimum of $500 million and a maximum of $750 million,” said one of the sources. A second source confirmed the company was eyeing $750 million from the issue.

Emirates concluded roadshows in Switzerland on Monday, with early price indications at 350 basis points over midswaps, sources told Reuters earlier this week.
The bond is expected to price close to the whisper.

“The deal is well-supported, there is great interest,” said one of the sources. Asked about whether the deal could be increased, the source said: “It all depends on demand”.

Emirates posted a record profit of $1.5 billion for 2010, up 52 percent.
(Reporting by Rachna Uppal; Editing by Greg Mahlich)


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