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Emirates Islamic Bank eyes $500 mln sukuk; strong demand seen

Wed, 4th Jul 2012 10:07

DUBAI, July 4 (Reuters) - Emirates Islamic Bank, the sharia-compliant arm
of Dubai lender Emirates NBD, has set final guidance for its $500 million sukuk, lead arrangers said on Wednesday.

Guidance for the profit rate was revised to a spread of 315 basis points over midswaps, with a margin of 5 basis points on both sides. On Tuesday, the bank issued initial price talk in the area of 330 basis points over midswaps.

The tightening indicates strong demand for the deal, with orderbooks at around $3.75 billion, according to lead arrangers.

Books are due to close at 0800 GMT Wednesday, and the sukuk could price thereafter.

Emirates NBD Capital, Credit Agricole, Dubai Islamic Bank, HSBC Holdings and Standard Chartered Plc are arranging the transaction.

(Reporting by Mala Pancholia; Writing by Rachna Uppal; Editing by Dinesh Nair) Keywords: ENBD SUKUK/

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