Emirates Bank International launches USD1.5 Billion Euro Commercial Paper programme

The programme has been jointly arranged by Bank of America Securities Limited and UBS Investment Bank, with Barclays Capital and Citibank International plc joining the dealer group.

The new facility represents the third phase of the Bank's international funding programme, following the launch of Syndicated Loans in 1999, and an EMTN (Euro Medium Term Note) programme in June 2002.

The Bank has launched three Public Bond transactions under the EMTN programme, with the most recent in January 2005, raising US$750 Million (the largest Eurobond from a Middle Eastern based Financial Institution) from a wide diversity of international investors from outside the region.

John Eldredge, General Manager Group Treasury said that "The ECP Programme will continue to diversify our investor base, broaden the Bank's sources of funding, and provide funding at attractive pricing levels."

Tony Bush, Head of International Banking and Syndications said that, "The Bank's strong Credit Ratings (A1/A+ long term P1/F1 short term) by Moody's and Fitch should elicit strong demand from European and Asian investors."

The Bank intends to initially utilize this facility for a total amount between US$500 Million to US$1 Billion, and commercial paper will be issued for one, three and 6 month periods denominated in the Euromarkets' core currencies - Euros, Dollars, Sterling & Swiss Francs.

This ECP issue by Emirates Bank is a first for a UAE Bank, and is the second programme launched by a regional issuer, following a similar programme by National Bank of Kuwait in July 2005.