Dubai’s Emirates airline has completed a $1bn bond issue priced at 330 basis points over midswaps and coupon payment of 5.125 per cent.

The deal was increased in size from initial guidance of a $750m bond and pricing was at the lower end of the 330-337.5 basis points over mid-swaps range.

The orderbook for the bond is understood to have been more than $5bn, allowing Emirates to both increase the size of the deal and price at the lowest end of the range.

The deal was arranged by the UK’s HSBC, the US’ Morgan Stanley, Germany’s Deutsche Bank and the local Emirates NBD.

Proceeds from the bond issue will be used to fund the continued expansion of the airline, which is one of the best performing businesses owned by the government of Dubai. The bond will be listed on the London Stock Exchange.