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Abu Dhabi’s Waha bond early price guidance

The bond is forecasted to raise $1.5 billion.

July 20, 2010 1:22 by

Early price guidance for the 10-year benchmark bond offering from Waha Aerospace, a unit of Abu Dhabi invesment company Waha Capital is at 225 basis points over 5-year US treasuries, two sources said on Tuesday.

The bond, unconditionally backed by the government of Abu Dhabi, is expected to raise $1.5 billion and will price this week, IFR, a Thomson Reuters unit, reported on Monday.

Proceeds from the bond will be used to repay an approximately $640 million loan, according to the bond prospectus seen by Reuters, dated July 16 2010.

Deutsche Bank, JP Morgan, Societe Generale and Nomura are mandated to arrange the bond sale.

(Reporting by Rachna Uppal and Dinesh Nair; Editing by Amran Abocar)

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