Emirates will close the issuance of a $600 million 10-year sukuk on 22 March, the Middle Eastern airline has disclosed.

A sukuk is an instrument similar to a Western-style bond, except that the structure ensures compliance with Sharia – Islamic religious law – which prohibits interest.

The Emirates sukuk priced at a profit rate of 4.5%, equivalent to 183bps over five-year US dollar mid-swaps on 15 March, adds the Dubai carrier.

Proceeds from the issuance will be used for general corporate purposes, including aircraft financing and working capital.

The sukuk will be listed on the Irish Stock Exchange and NASDAQ Dubai.

Citi and Standard Chartered Bank are acting as global co-coordinators and joint lead managers.

Abu Dhabi Islamic Bank, BNP Paribas, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, JP Morgan and Noor Bank are also acting as joint lead managers.

Source: Cirium Dashboard