The Dubai government was set to raise as much as $1.25bn as its sovereign bond issue moved to price on Wednesday, people aware of the issue said.
It was four times subscribed as the book closed in Europe on Tuesday, they said, having elicited interest of $4bn: $2bn for the five-year tranche and another $2bn on the 10-year tranche.
The lead managers, Deutsche, HSBC and Standard Chartered, have narrowed pricing to about 6.75 per cent for the five-year and 7.875 per cent for the 10-year tranche from initial soundings of 6.875 per cent and 8 per cent respectively.
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