After a slow start to the year, the Middle East debt markets were in need of some good news. In early June, that came from the successful completion of a $1bn bond issue for Dubai’s flag carrier, Emirates Airlines.
The deal is likely to prove significant for several reasons. A large oversubscription allowed the issuer to both increase the size of the deal from the $500m to 750m it originally went out to the market for, and lower the yield from the initial guidance to 330 basis points over midswaps from 335.5bps.
