Emirates Bank International (EBI)has appointed Bank of America (BoA)and UBSto arrange a $1,500 million euro commercial paper (ECP) programme. EBI is one of several banks in the region planning ECP programmes: National Bank of Kuwaitrecently launched a $2,000 million scheme, managed by Barclays Capital, while Riyad Bankis looking at a programme of similar size (MEED 15:7:05).
EBI will issue paper with maturity of one-six months, denominated in euros, dollars, sterling and Swiss francs. Barclaysand Citigroup will join BoA and UBS as dealers. The size and maturity of the first tranche remain to be finalised. EBI is also undertaking a euro medium-term note (EMTN) programme, which was increased in scope in late 2004 to $3,500 million from $1,000 million (MEED 10:12:04). Riyad Bank is planning both ECP and EMTN programmes, each worth in excess of $1,000 million. BoA and JP Morganhave been mandated to arrange the EMTN, with the first drawdown expected in the autumn. Also due in late 2005 are EMTN issues by Arab Banking Corporation, Bank of Bahrain & Kuwaitand Samba Financial Group(MEED 22:7:05). National Bank of Ras al-Khaimahis also planning an EMTN programme worth a total of $500 million, subject to shareholder approval at a forthcoming extraordinary general meeting of shareholders. Standard Chartered Bankand National Bank of Abu Dhabihave been selected as arrangers. The first drawdown is likely to be worth in the region of $150 million.