Bubiyan Bank, Bumiputra-Commerce Bank, Natexis Banques Populaires, RZB Bankand The Arab Investment Companyhave joined the deal as lead arrangers and sub-underwriters. The five-year bullet instrument is unusual in being denominated in three currencies, 50 per cent in dollars and 25 per cent each in sterling and euros.

The proposed pricing of the paper is 175 basis points over Libor. Arcapita is a repeat issuer of the Islamic instrument, having launched a Eur 75 million ($91.3 million) sukuk in late 2004 and a $75 million sukuk in 2002 (MEED 8:10:04).