GIC grabs $500m in first dollar issue since 2005
Gulf Investment Corp quickly gathered a $1bn orderbook for its re-entry to the dollar bond market – a $500m five year senior note – on Wednesday morning, which bankers said was not surprising, thanks to the issuer’s rarity value.
Lead managers BNP Paribas, Citi, National Bank of Abu Dhabi and Standard Chartered opened the books at initial guidance of mid-swaps plus 250bp-275bp area.
Final pricing was squeezed in to the tight end of guidance.
The bond was rated Baa2//BBB. It will be printed from a $2.5bn bond programme
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