Investment Corporation of Dubai tightens price guidance of bond tap

DUBAI

Investment Corporation of Dubai (ICD), the emirate’s main investment arm, has tightened the price guidance of its planned bond tap issue to 4.05 per cent, with the issuance expected to price within a range of 5 basis points above or below that figure, according to one of the banks leading the deal.

Initial price guidance for the bond tap — a reopening of its $300 million 4.625 per cent bond due in 2024 — was in the 4.15 per cent area.

Order books for the issuance, capped at $200 million, went up to $490 million, a document issued by one of the lead banks showed. The bond will price later on Tuesday.