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UAE’s MAF to price $500 million 7-year bond Wednesday
Bond to price at 5.25 pct; Demand seen high; orderbooks around $2 bln; Second debt issue this year from MAF
June 27, 2012 6:36 by Reuters
Dubai-based mall developer Majid Al Futtaim (MAF) Holding plans to price a $500 million 7-year bond on Wednesday, arranging banks said.
The bond will price at 5.25, at the tighter end of the range indicated earlier in the day, signalling strong demand for the paper.
Orderbooks, which closed at 1030 GMT, were believed to be about $2 billion, lead arrangers said in a separate update.
JP Morgan, National Bank of Abu Dhabi, Standard Chartered, UBS and Barclays are bookrunners on the deal.
A year after it called off its maiden conventional bond issue in the international market, MAF is counting on stronger global demand for Gulf debt, and better investor sentiment towards Dubai in particular, to get a successful deal away.
(Reporting by Rachna Uppal; Editing by David French)