Dubai-based Emirates Airline has executed a $600m sukuk (Islamic bond) to be repaid over 10 years.

The investor roadshow began on 8 March, with certificates priced on 15 March at a profit rate of 4.50 per cent equivalent to 183.2 basis points over the five-year US dollar mid-swaps.

According to Emirates, US-based Citi and UK-based Standard Chartered Bank acted as Global Coordinators and Joint Lead Managers. The following banks acted as joint lead managers: along with local firm Abu Dhabi Islamic Bank, France-based BNP Paribas, UK-based HSBC, US’ JP Morgan and local banks Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, and Noor Bank.

The proceeds from the issuance will be used for general corporate purposes including aircraft financing and working capital, the company said in a statement.

The sukuk was announced previously, although the value of the planned issuance was reported to be between $1bn and $1.1bn.

In November last year, Emirates placed an order for 40 Boeing 787-10 Dreamliner aircraft, worth an estimated $15bn. This was followed earlier this year with a firm order for 20 Airbus A380 aircraft with an option for an additional 16 more, worth an estimated $16bn at list prices.

Emirates is understood to have tapped the debt capital markets with four corporate issuances since 2011 raising over $3.65bn. Over half of the issuances has been in the sukuk market.

The airline has also fully repaid six bonds totalling $2.8bn, including sukuks, since 2010.