Emirates repays $1bn bond

Abu Dhabi: Emirates airline said yesterday that it has repaid a bond in full for the value of $1 billion on its maturity date of June 8.

The bond was raised in 2011 to address Emirates’ working capital requirements, and was a bullet bond (a debt instrument whose entire face value is paid at once on the maturity date).

Emirates will also be repaying a bond totalling 150 million Singapore dollars later this month that was raised in 2006, the airline said in a statement, adding that it is repaying both bonds from its own cash resources.

By the end of 2016, Emirates will have repaid six bonds and sukuks in full over the course of the last five years totalling $2.84 bn.

In 2015-16, Emirates raised $7.3 bn for aircraft financing. For the current 2016-17 financial year, the airline said it has already received committed offers to finance deliveries.