By Christine Van Dusen
Atlanta, Aug. 30 – Emirates Islamic Bank priced a $250 million tap of its 3.542% notes due May 31, 2021 at mid-swaps plus 170 basis points on Tuesday, a market source said.
Bank ABC, Dubai Islamic Bank, EMCAP and Standard Chartered Bank were the bookrunners for the Regulation S deal.
The notes were talked at a spread in the mid-swaps plus 180 bps area.
The original $750 million issue priced in May at par to yield mid-swaps plus 220 bps.
Other details were not immediately available on Tuesday.
Issuer: | Emirates Islamic Bank
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Amount: | $250 million
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Maturity: | May 31, 2021
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Description: | Add-on to Islamic bonds
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Bookrunners: | Bank ABC, Dubai Islamic Bank, EMCAP, Standard Chartered Bank
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Coupon: | 3.542%
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Spread: | Mid-swaps plus 170 bps
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Trade date: | Aug. 30
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Distribution: | Regulation S
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Price talk: | Mid-swaps plus 180 bps area
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Original issue: | $750 million priced at par in May 2016
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