London: Qatar Aviation Leasing, owned by the Qatar government, has launched syndication of a $650 million (Dh2.4 billion) loan agreed earlier this year in order to reduce the pricing, banking sources close to the deal said.
Qatar Aviation, set up to purchase aircraft and lease them to Qatar Airways, signed a $650 million, three-year loan in March with a margin of 250 basis points (bps) over Libor and the new agreement will see pricing halve to 125 bps, the bankers said.
The original loan, which carries a sovereign guarantee, was widely regarded as carrying generous pricing — 250 bps compared favourably with Qatar's five-year credit default swaps (CDS) that were priced at 87 bps at the time of signing. Together with the attractive structure — it was also fully underwritten and pre-funded — the pricing helped the deal raise......
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