Emirates hires banks for possible USD bond issue

Emirates plans to sell USD-denominated bonds “if market conditions, including pricing, are favourable”, after the airline held meetings with fixed-income investors in Asia, the Middle East and Europe (Reuters/Bloomberg, 19-May-2011). The airline hired Deutsche Bank, Emirates NBD, HSBC and Morgan Stanley as joint lead managers for the sale. Further meeting will be held in Hong Kong, Zurich, Singapore, Abu Dhabi, Dubai, London and Geneva. Chairman Sheikh Ahmed said the airline delayed previous issues due to unfavourable rises in borrowing costs.

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• Fuel, foreign exchange and global events hit Emirates' profits, but momentum not slowed
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  A combination of high oil prices, regional political instability, volatile exchange rates and Emirates’ exposure to the global economic situation has brought the carrier back towards its international peers. Emirates reported a net profit of AED1.5 billion (USD409 million) in FY2011-2012, a dramatic 72.1% drop on the previous year’s result.

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