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