Dubai – Mubasher: Emirates plans to launch a $600 million 10-year sukuk at a profit rate of 4.5%, according to a company statement.

“The yield was cut from an initial guidance, which was in the high 4% range,” Bloomberg reported, citing a source familiar with the matter.

The state-owned carrier will use the raised amount to fund “general corporate purposes”, the sourced added.

Citigroup and Standard Chartered acted as global coordinators and joint lead managers for the deal, while a group of banks including Abu Dhabi Islamic Bank, BNP Paribas SA, Dubai Islamic Bank (DIB), and Emirates NBD Capita, were arrangers, the international news agency said.

In 2018, the bond sales in the GCC have raised $20.3 billion, according to Bloomberg’s data.