Emirates Islamic Bank priced a USD250mn tap of an existing sukuk. Under a tap transaction, a 'new' deal is issued which is, in effect, a copy of an existing bond with the same terms and conditions. However, the pricing is usually adjusted to reflect current market conditions. The tap was priced at 170 basis points over midswaps, and the funds were raised from investors in the Gulf, Asia and Europe. The order book was worth USD706mn. Emirates Islamic's tap came off a USD750mn five-year sukuk issued on 23 May. That deal was priced at 220 bps over midswaps and carried a coupon of 3.542%. (Reuters)