New Issue: Emirates Islamic prices $350 million five-year sukuk at Libor plus 30 bps

By Aaron Hochman-Zimmerman

New York, June 1 - Emirates Islamic Bank priced its $350 million five-year senior floating-rate trust certificate sukuk (A1/A) at par to yield Libor plus 30 basis points.

Standard Chartered Bank and Emirates Islamic Bank were joint lead managers for the Regulation S deal.

The offering came at the middle of talk which put the yield at Libor plus 29 to 32 bps.

Emirates Islamic, a Dubai, United Arab Emirates-based commercial and investment bank, sold the certificates through EIB Sukuk Co. Ltd. (Cayman Islands, Inc.).

Issuer: EIB Sukuk Co. Ltd. (Cayman Islands, Inc.)

Amount: $350 million

Issue: Senior floating-rate trust certificate sukuk

Maturity: June 12, 2012

Coupon: Libor plus 30 bps

Issue price: Par

Yield: Libor plus 30 bps

Lead managers: Standard Chartered Bank, Emirates Islamic Bank

Pricing date: June 1

Settlement: June 12

Distribution: Regulation S

Rating: Moody's: A1

	Standard & Poor's: A

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