Port operator's transaction has received orders of seven times its size, according to leads
DP World, one of the world's biggest port operators, has launched a $500 million, five-year bond that will price later on Tuesday, a document from lead arrangers showed.
The transaction was set to price at a spread of 155 bps over midswaps, which is at the tighter end of a final guidance of 160 bps plus/minus 5 bps over midswaps. This is lower than initial pricing guidance of around 180 bps over midswaps given on Monday.
The transaction has received orders of seven times its size, an earlier document showed.
Barclays, Citigroup, Deutsche Bank, Emirates NBD Capital, HSBC, National Bank of Abu Dhabi and Societe Generale are arranging the transaction.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.