Emirates Bank's bond offering receives $700 million in orders
Emirates Bank International launched its second international bond issue on Monday, January 20, 2004. Following positive feedback during the book-building process, with firm orders of some $700 million, the issue size is expected to be capped at $500 million.
The issue size is twice the original offering of $250 million to accommodate and attract many first time investors into the Emirates Bank program. In June 2002, Emirates Bank had established an EMTN program for one billion dollars and under it launched its debut bond issue by way of a five-year Floating Rate Note (FRN).
The FRN will carry a coupon of 55 basis points over three months LIBOR and is listed in the Luxembourg stock exchange under the Bank's EMTN program. The settlement date for the issue has been set as January 28, 2004. — (menareport.com)
© 2004 Mena Report (www.menareport.com)