 Mumbai:
Emirates, the Dubai-based international airline, has announced
that it plans to launch an international bonds issue in
2004.
The
issue will be denominated in US dollars, for an initial
amount of $400 million, and it will have a maturity
of seven years and will offer investors a floating-rate
interest.
Says
Emirates chairman Sheikh Ahmed bin Saeed Al-Maktoum:
"We have taken formal steps to issue these inaugural
international bonds early in the new year. This will
be the first time that Emirates will have a bonds issue
listed outside Dubai."
Al-Maktoum
says Emirates is preparing for the bonds initially to
be listed on Luxembourg. Later the issue will also be
listed on the Dubai International Financial Centre once
the centre becomes operational.
He
adds: "The bonds will be jointly lead managed by
HSBC, Emirates Bank International, National Bank of
Abu Dhabi and National Bank of Dubai. It is anticipated
that other banks will be invited into the deal to join
the management group in due course."
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