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International bonds: Emirates Airlines, 2.471% 31mar2025, USD (XS1203164782)

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Guaranteed, Sukuk, Senior Unsecured

Status
Outstanding
Amount
128,271,935.77 USD
Placement
***
Redemption (put/call option)
*** (-)
ACI on
Country of risk
United Arab Emirates
Current profit share rate
***%
Price
-
Yield / Duration
-
Reports of guarantors / borrowers / offerers
Guarantor UK Export Finance
Calculate in two clicks! yield, duration and other parameters
Calculate in two clicks! yield, duration and other parameters
Calculator What is a calculator?
  • Placement amount
    913,026,000 USD
  • Outstanding amount
    913,026,000 USD
  • USD equivalent
    128,271,935.77 USD
  • Minimum Settlement Amount
    200,000 USD
  • ISIN RegS
    XS1203164782
  • Common Code RegS
    120316478
  • CFI RegS
    DBFTAR
  • FIGI RegS
    BBG008D88MP6
  • SEDOL
    BWT69Z0
  • Ticker
    KHDRWY 2.471 03/31/25 REGS

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Quotes from market participants are indicative

Stock exchange and OTC quotes

Quotes provided by information providers are indicative in nature

Issue information

Profile
Emirates is one of the few highly profitable airlines globally and the largest operator of Airbus 380 super-jumbo jets. Emirates is one of a number of businesses that comprise the Emirates Group, a leading provider of ...
Emirates is one of the few highly profitable airlines globally and the largest operator of Airbus 380 super-jumbo jets.
Emirates is one of a number of businesses that comprise the Emirates Group, a leading provider of travel and transportation services.
  • Borrower
    Go to the issuer page
    Emirates Airlines
  • Full borrower / issuer name
    Emirates Airlines
  • Sector
    Corporate
  • Industry
    Air Transportation
  • SPV / Issuer
Volume
  • Placement amount
    913,026,000 USD
  • Outstanding amount
    913,026,000 USD
  • Outstanding face value amount
    128,271,936 USD
Face value
  • Minimum Settlement Amount
    200,000 USD
  • Outstanding face value
    *** USD
  • Increment
    *** USD
  • Face value
    1,000 USD
Listing
  • Listing
    ***

Cash flow parameters

  • Reference rate
    ***
  • Coupon Rate
    ***
  • Day count convention
    ***
  • Interest Accrual Date
    ***
  • Coupon frequency
    *** time(s) per year
  • Payment currency
    ***
  • Maturity date
    ***

Cash flow

Calculations for international bonds are made according to the minimum trading lot

Early redemption terms

***

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80 000

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Placement

  • Placement method
    Open subscription
  • Placement type
    Public
  • Placement
    ***
  • Initial issue price (yield)
    (***%)
  • Geographic breakdown
    ***
  • Investor breakdown
    ***
  • The purpose of placing
    The Issuance Proceeds are expected to total U.S.$913,026,000 and shall be applied in the following manner: (a) the Trustee shall declare a trust over the Issuance Proceeds and proceeds thereof for the benefit of the Certificate holders; (b) the Trustee shall purchase certain Rights to Travel pursuant to the Purchase of Services Agreement in consideration for payment of the ATKM Purchase Price (which shall be the aggregate of: (i) the Initial ATKM Amount, payable by the Purchaser to the Seller (or to the Seller's order) on the Closing Date; and (ii) the ATKM On-Demand Amount, which will be payable on demand in four instalments, each such instalment being payable on the relevant ATKM Payment Date; and (c) the Trustee shall agree to contribute to the Owner Trustee the Issuance Proceeds Balance and all of its interest, rights, benefits and entitlements, present and future, in and to the Rights to Travel and, pursuant to the Owner Declaration of Trust, the Owner Trustee shall use such assets: (i) to credit the Secured Proceeds Account with the Issuance Proceeds Balance; (ii) to procure the acquisition of four Specified Aircraft pursuant to the terms of the Procurement Agreement using funds from the Secured Proceeds Account together with the Rights to Travel; and (iii) to lease such Specified Aircraft to the Lessor, and shall enter into the Owner Trust Transaction Documents, the Security Documents to which it is a party, and each of the relevant Proceeds Agreements. In summary, the Issuance Proceeds Balance is held in the Secured Proceeds Account from the Closing Date, and the Rights to Travel (once transferred) are held on trust by the Owner Trustee, pending application of both thereof in accordance with the Transaction Documents in connection with the procurement of the Specified Aircraft. Underwriting commissions and certain other expenses related to the issuance of the Certificates will be paid by Emirates separately. In no event will such commissions or expenses be paid from the Issuance Proceeds or from scheduled payments on the Certificates.
Participants
  • Bookrunner
    ***, ***, ***, ***, ***, ***, ***, ***
  • Arranger Legal Adviser (Domestic law)
    ***
  • Arranger Legal Adviser (International law)
    ***, ***, ***
  • Issuer Legal Adviser (Domestic law)
    ***
  • Issuer Legal Adviser (International law)
    ***

Conversion and exchange

  • Conversion terms
    ***

Covenants

  • Change of Control

    ***

  • Collective Action Clause

    ***

  • Covenant Suspension/Fall-Away

    ***

  • Cross Default

    ***

  • Designation of Restricted and Unrestricted Subsidiaries

    ***

  • Events of Default

    ***

  • Financial Covenants

    ***

  • Limitation on Business Activities

    ***

  • Limitation on Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries

    ***

  • Limitation on Indebtedness

    ***

  • Limitation on Investments

    ***

  • Limitation on Liens

    ***

  • Limitation on Restricted Payments

    ***

  • Limitation on Sale of Assets

    ***

  • Limitation on Sale/Leaseback

    ***

  • Limitation on Subsidiary Debt

    ***

  • Limitation on layering (anti-layering)

    ***

  • Limitations on transactions with affiliates

    ***

  • Merger Restrictions

    ***

  • Rating Trigger

    ***

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Additional information

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Identifiers

  • ISIN RegS
    XS1203164782
  • ISIN 144A
    ***
  • CUSIP RegS
    ***
  • CUSIP 144A
    ***
  • Common Code RegS
    120316478
  • CFI RegS
    DBFTAR
  • CFI 144A
    DBFSGR
  • FIGI RegS
    BBG008D88MP6
  • FIGI 144A
    BBG008D1X8P4
  • WKN RegS
    A1ZZJ0
  • WKN 144A
    A1Z0FT
  • SEDOL
    BWT69Z0
  • Ticker
    KHDRWY 2.471 03/31/25 REGS
  • Type of security by CBR
    ***

Bond classification

  • Senior Unsecured
  • Registered
  • Coupon bonds
  • Amortization
  • Guaranteed
  • Sukuk
  • Callable
  • CDO
  • Convertible
  • Dual currency bonds
  • Variable rate
  • For qualified investors (CIS region)
  • Foreign bonds
  • Green bonds
  • Inflation-linked principal
  • Supranational bond issues
  • Inflation-linked coupon
  • Mortgage bonds
  • Perpetual
  • Payment-in-kind
  • Non-Marketable Securities
  • Redemption Linked
  • Restructuring
  • Retail bonds
  • Covered
  • Securitization
  • Structured product
  • Commercial Bonds
  • Subordinated
  • Trace-eligible

Restructuring

***

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