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Emirates Picks Banks To Arrange Possible U.K.-Guaranteed Sukuk

Emirates Picks Banks To Arrange Possible U.K.-Guaranteed Sukuk

The Islamic bond will be of benchmark size, which is traditionally understood to mean upwards of $500 million.

Emirates, the Dubai-based airline, has hired eight banks to arrange a sukuk that will be guaranteed by Britain’s export credit agency, a document from lead arrangers showed on Thursday.

The airline has picked Citigroup, HSBC, JP Morgan and National Bank of Abu Dhabi as the joint structuring agents, with Abu Dhabi Islamic Bank, Dubai Islamic Bank, Emirates NBD and Standard Chartered also acting as joint lead managers, the document showed.

The Islamic bond will be of benchmark size, which is traditionally understood to mean upwards of $500 million.

In February, Reuters said the airline had hired banks to help it arrange a sukuk of up to $1 billion.

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