EIB picks banks for benchmark bond
Dubai, July 3, 2012
Dubai's Emirates Islamic Bank, a unit of Emirates NBD, has picked banks for a potential benchmark-sized dollar sukuk (Islamic bond), lead arrangers said on Tuesday.
The lender mandated Emirates NBD Capital, Credit Agricole , Dubai Islamic Bank, HSBC and Standard Chartered.
The initial price guidance for the issue was at a spread of 330 basis points over midswaps, maturing in 2018. Emirates NBD will underwrite it.
Arranging banks said books were now open and one banking source close to the deal said the sukuk could price on Wednesday.
Emirates Islamic, which last tapped the debt markets with a $500 million sukuk in January, is hoping to capitalise on a recent rally in Dubai names that has tightened spreads as regional Islamic liquidity seeks investment opportunities.-Reuters
More Finance & Capital Market Stories
- AAIB unit starts crisis assistance travel service
- Abu Dhabi may need to lower industry growth target
- Kuwait credit hits 5-year high; tops $1.3bn
- UAE stocks rally, Abu Dhabi tops 4,000 mark
- Abraaj completes 15 exits in 2013
- Barwa gets top HSE certifications
- Egypt's forex reserves dip to $17.8bn in Nov
- Experts put spotlight on Mena tax issues
- BMI, Muharraq SC launch co-branded credit card
- NBAD partners with top business school