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Islamic finance awards 2014: Emirates RegS $1 billion amortizing sukuk

Best sukuk deal:
Emirates RegS $1 billion amortizing sukuk

Lead managers: Citi, ADIB, Standard Chartered Bank 

Dubai’s airline has been busy in the capital markets over the past 12 months, following a $750 million 144a/RegS amortizing bond in January 2013 with a $1 billion 10-year RegS senior unsecured sukuk in March.

It’s the amortizing bit that stands out: something that has never been attempted in a sukuk in the international markets before. At a more technical level, it is also the first ever wakala sukuk to be issued based on rights to travel and services relating to passenger routes. It works like this: Emirates sells rights and services to a special-purpose vehicle out of its total available capacity. The SPV then appoints Emirates as its service agent to sell passenger tickets corresponding to those rights to travel.

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