IslamicFinance.de

Emirates airline has mandated eight banks to manage its latest sukuk sale. Among these banks are HSBC, Standard Chartered, Citigroup, BNP Paribas, Emirates NBD, Dubai Islamic Bank, Abu Dhabi Islamic Bank and Noor Bank. The issue will raise about $1 billion in the next few weeks. Emirates will be seeking funding from international bond markets as the US interest rates are expected to increase and with them borrowing costs as well. Emirates usually raises funding each year from diverse sources: commercial loans, operating leases and export credit agency backed facilities. In 2015, the Dubai-based firm sold a bond when it raised $913 million from a 10-year sukuk, guaranteed by the UK’s export-finance agency, to help pay for four Airbus A380-800s.