Emirates Bank follows the trend and issues in euros

12 June 2006

Emirates Bank has launched a Eur 500 million ($640.8 million) bond as part of its euro medium-term note (EMTN) programme. It is the bank's first euro-denominated paper and is part of a growing trend towards repeat GCC issuers tapping the euro market - started by SABB and Gulf Investment Corporation earlier in the year (MEED 26:5:06).

The five-year bond was priced at 34 basis points (bp) over Libor. The arrangers were Barclays Bank and UBS. Emirates Bank staged its third, $750 million dollar-denominated drawdown, also with a tenor of five years and priced at 40 bp, in the first quarter. The bank also recently issued paper denominated in Singapore dollars and Swiss francs off an overall $3,500 million programme (MEED 5:5:06).

The number of EMTN programmes among GCC banks is constantly multiplying. Doha Bank has issued a request for proposals (RFP) to potential arrangers while Ahli United Bank, Arab National Bank, Commercialbank and Commercial Bank of Dubai are also planning to launch programmes

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