EMIRATES BANK GROUP ISSUES $750 MILLION WORTH OF BONDS

Info-Prod Research (Middle East), February, 2005

According to Al-Bayan newspaper (February 7, 2005), the Emirates Bank Group has recently launched and priced its third Bond Issue for $ 750 million by way of a five-year Floating Rate Notes (FRN) issuance, with a coupon of three months LIBOR 40 basis points. The Managing Director and Chief Executive Officer of the Emirates Bank International, Mr.

Anis Al Jallaf, said that the bank had established an Euro Medium Term Note (EMTN) Program, for $1 billion in May 2002 and the EMTN is listed in Luxembourg. EBI launched its first bond issue in July 2002 for $230 million and the second bond issue for $500 million in January 2004. With the approval of its shareholders, EBI increased the size of the Program to $3.5 billion in December 2004.