Summary
SPV Name:
Khadrawy Limited
Notes:
ISIN: XS1203164782 The sukuk issuance is to fund the orders for A380-800, as Emirates seeks USD107.5bn worth of aircrafts from Boeing and Airbus.Guarantee by Her Britannic Majesty’s Secretary of State acting by the Export Credits Guarantee Department of the UK Government (currently operating as UK Export Finance)Priced on 25 March at 2.471% (90 basis points over the interpolated mid swap rate)
The Certificates saw strong demand from global investors, attracting orders exceeding US$3.2 billion and recording an oversubscription of 3.6 times.The deal attracted interest from a diverse group of conventional and Islamic investors. The Certificates were allocated to over 45 global institutional investors, with approximately 39% of the Certificates distributed to the Middle East and Asia, 32% to Europe and 29% to the United States. By investor type, approximately 47% were distributed to fund managers, 38% to banks and 15% to insurance companies and pension funds.
Profit rate:
2.471%
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