Emirates, the biggest airline by international traffic, may refinance a $550 million of bonds maturing in June, as borrowing costs decline, a company executive said.
âThe market is awash with funds,â Gary Chapman, president of the airlineâs travel service unit dnata, said in a phone interview today. âAt the moment the market is looking pretty attractive for good credit and there are funds available at relatively attractive pricing,â said Chapman, who also is responsible for finance at the company.
Bond sales by issuers in the Persian Gulf are off to a record start this year as borrowing costs decline, with regional companies and governments raising $14.7 billion so far, the most for the same period since Bloomberg began tracking the data in 1999. The average yield on Gulf debt fell to 4.56 percent March 28, the lowest in six months, the HSBC/NASDAQ Dubai GCC US Dollar Sukuk/Bond Index shows.
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