Emirates Bank talks $350 million 5-year sukuk bonds at Libor plus 29 to 32 bps

By Aaron Hochman-Zimmerman

New York, May 30 - Emirates Islamic Bank is talking a $350 million 5-year sukuk (A/positive/A-1/A1/Prime-1/A1) bond issue at Libor plus 29 to 32 basis points, according to a market source.

Standard Chartered will be the bookrunner of the Regulation S deal.

The floating rate senior sukuk will mature in 2012 and be issued by EIB Sukuk Co. Ltd., a special purpose entity incorporated in the Cayman Islands.

The Dubai-based retail and investment bank has the backing of the government in the United Arab Emirates, which directly owns 77%.

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