Dubai's DP World tightens pricing guidance for $500m bond

DP World, one of the world’s biggest port operators, has tightened pricing guidance for its no-grow $500 million, five-year senior bond issue, which is expected to price later in the day, a document from lead arrangers showed on Tuesday.

Final guidance for the bond was set at 160 basis points plus or minus 5 basis points over midswaps, tighter than initial guidance in the area of 180 bps over midswaps set on Monday.

The transaction has received orders of seven times its size, the document showed.

Investor meetings for the dollar-denominated offering ended in Dubai on Sunday. Barclays, Citigroup, Deutsche Bank, Emirates NBD Capital, HSBC, National Bank of Abu Dhabi and Societe Generale are arranging the transaction.
 

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