The government of Dubai launched a $500 million 10-year bond on Wednesday at the lower end of earlier guidance, lead arrangers said.
The bond, expected to price by mid-afternoon London time, launched at 375 basis points over five-year midswaps. It includes a put option after five years, allowing investors to redeem their investment ahead of maturity at full value.
Lead managers had released guidance of between 375 and 385 basis points over five year midswaps earlier in the day.
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