Dubai government bond order book at over $2 bln – sources
Book scheduled to close on Wednesday.
September 28, 2010 3:21 by Reuters
The order book for Dubai’s dual-tranche sovereign bond issue stood at over $2 billion at 1155 GMT, said three sources on Tuesday, including one at a lead arranger.
“The books are standing at over $2 billion … Pricing will be tomorrow,” a fund manager in Dubai said.
A source at an arranging bank said the bond, which has a five-year and 10-year tranche, said books were scheduled to close on Wednesday but did not rule out Tuesday.
“(The issue) can technically close today if we don’t see any bad news,” said the banker at the lead arranger, citing the possibility of volatility in U.S. interest rates. “If that happens, then closing will be tomorrow.”
He confirmed the book size was over $2 billion.
(Reporting by Rachna Uppal and Martina Fuchs in Dubai and Stanley Carvalho in Abu Dhabi; Editing by Amran Abocar)