The tenor of the AED 1,500 million ($409 million) maturing bond, which was the first dirham-denominated issue by a local corporate, is five years. However, it is understood that the new bond could have a longer maturity. Emirates stretched the tenor on its debut sukuk issue in 2005 to seven years (MEED 27:5:05).

The airline’s first bond in 2001, arranged by HSBC and National Bank of Abu Dhabi, was priced at 70 basis points over the Emirates inter-bank offered rate (Ebor) and was oversubscribed more than two-and-a-half times (MEED 13:7:01).