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Etihad Airways plans to sell US dollar transition Sukuk

Etihad Airways plans to sell US dollar transition Sukuk
The planned Sukuk is part of a $3 billion Sukuk programme

UAE - Mubasher: Etihad Airways, wholly owned by the Abu Dhabi government, seeks to issue US dollar-denominated 'transition' Sukuk, whose proceeds are used by companies to adopt more environmentally and sustainable operations, Reuters reported.

This decision is in line with Etihad Airways' objective to use more fuel-efficient planes, eliminate single-use plastics, and reduce its 2019 carbon emissions level in half by 2035 and to zero by 2050.

The planned Sukuk, which is part of a $3 billion Sukuk programme, will have a five-year maturity,  according to a cited document published by one of the banks leading the deal.

Meanwhile, fixed income investor calls will begin on 22 October before the transaction, which could be at least $1 billion in size.

Etihad Airways has hired HSBC and Standard Chartered as joint global coordinators for the deal.

The transactions will also be managed by Abu Dhabi Islamic Bank (ADIB), Dubai Islamic Bank (DIB), Emirates NBD Capital, First Abu Dhabi Bank (FAB), and Mashreq Bank.