Citigroup Best Debt House in the Middle East

The announcement was made during a ceremony in Bahrain at which Euromoney presented a number of awards for excellence across Middle Eastern financial markets.

The award follows Euromoney's "Best International Market Sukuk House" award to Citigroup as part of the magazine's 2004 Islamic Finance Awards which were announced earlier this year.

According to Euromoney, Citigroup "has participated - very often as lead manager - in almost every major financing deal in the region. It has been innovative, as has been shown by its involvement in some extraordinary and complex sukuk (Islamic bond) transactions in the last year.

Among the landmark deals closed in 2004 was the first voluntary Eurobond exchange transaction on behalf of the Lebanese Government targeting $2.1 billion in bonds maturing in 2005. Citigroup played joint-dealer manager and lead manager of the deal, which closed successfully with an exchange of $1.19 billion in existing bonds and $354 million in new cash subscriptions.

"Indeed, Citigroup has been lead manager in four out of the five major sukuk offerings since the start of 2004, including the Dubai Civil Aviation $1 billion debut offering, the Bahrain Monetary Agency $250 million issue, the pioneering €100 million offering for Saxony Anhalt (the first for a borrower from the OECD countries and the first to be denominated in euros)."

Elia Samaha, Managing Director; Citigroup Country Officer for Lebanon and Head of Emerging Markets Corporate Banking, North Africa and Levant; said: "The Euromoney Award speaks volumes about Citigroup's commitment to the region, including Lebanon, and the firm's active involvement across a diverse geography and complex range of products.

We use Citigroup's global reach and cross-market experience to customize conventional as well as Sahri'a-compliant finance solutions for our clients across the Arab World. We are delighted that our efforts and success have been recognized by Euromoney through this award."