flydubai issues first sukuk

flydubai increases finances
flydubai increases finances

Dubai Aviation Corporation (trading as ‘flydubai’) recently raised US$500 million through a debut five-year Sukuk transaction. The order book was over six times oversubscribed showing strong investor appetite.

The US$500 m Sukuk is priced at a profit rate of 3.776%, equivalent to 200 basis points over the five-year USD mid-swaps. The issuance is a stand-alone. Proceeds of the issuance will be used for general corporate purposes and refinancing.

The Sukuk issuance saw a geographic distribution of 64% to Middle East accounts, 25% to European accounts, seven percent to Asia, and an additional four percent to US offshore.

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