A dollar-denominated bond issue by Abu Dhabi investment fund Mubadala, due to price on Wednesday, was trading in the grey market at a premium of between 0.1 and 0.5 cents to the price guidance, traders said.
State-owned Mubadala, which plans to invest $16.3 billion in 2011, is issuing a dual-tranche five-year and 10-year dollar-denominated bond, which the market expects could raise between $1.5 billion and $3 billion.
Price guidance issued on Tuesday indicated the five-year tranche will be priced in the area of 185 basis points over U.S. Treasuries.
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