Emirates launches $1bn five-year bond

Fast-growing Dubai-based airline Emirates launched a five-year $1 billion bond in an upsized offering at the lower end of its initial price guidance. The company said the bond launched at 330 basis points over midswaps, as reported earlier by Reuters, with a coupon of 5.125 percent.
Final price guidance for the bond had been in the range of 330 basis points to 337.5 bp over midswaps and carried a reoffer price of 99.904. The deal was increased to $1 billion on strong demand. Reuters earlier reported that the airline was planning to raise $750 million from the sale.
Three market sources said order books for the bond were in excess of $5 billion. The bond is expected to perform well in secondary trading.