IslamicFinance.de

Emirates airlines has mandated eight banks to manage a sukuk sale to raise about US$1 billion. Mandated banks include HSBC, Standard Chartered, Citigroup, BNP Paribas, Emirates NBD, Dubai Islamic Bank, Abu Dhabi Islamic Bank and Noor Bank. Emirates will join a list of regional issuers seeking funding before expected increases in US interest rates push up borrowing costs. Emirates typically raises financing each year from a combination of commercial loans, operating leases and export credit agency backed facilities. It last sold a bond in 2015, when it raised US$913 million from a 10-year sukuk to pay for four Airbus A380-800s. Emirates signed a deal last week for 36 additional Airbus SE A380 aircraft, handling the aircraft manufacturer the first orders for the model in more than two years.