Dubai’s CBD Sets Initial Price Guidance For Debut Bond

The early guidance has the five-year bond pricing in the area of 275 basis points over midswaps.



Commercial Bank of Dubai (CBD) could price its debut international bond offering on Tuesday after releasing initial price guidance for a benchmark-sized issue, a document from lead managers said on Monday.

The early guidance has the five-year bond pricing in the area of 275 basis points over midswaps, the document said, adding that order books had opened and the deal was likely to price on Tuesday.

CBD, rated A- by Fitch, has mandated Citigroup, HSBC Holdings and National Bank of Abu Dhabi to arrange the bond, which would follow a series of fixed income investor meetings that ran from May 9 to 13.