DUBAI, June 23 (Reuters) - The United Arab Emirates is in the market with a two-tranche U.S. dollar-denominated bond sale comprising a 10-year tranche and 30-year Formosa portion, a bank document showed on Thursday.
Initial price guidance was around 125 basis points (bps) over U.S. Treasuries (UST) for the 10-year paper and around 200 bps over UST for the Formosa notes, the document from one of the banks on the deal showed.
Abu Dhabi Commercial Bank, BofA Securities , Citi, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, JPMorgan, Mashreq and Standard Chartered are joint lead managers and bookrunners on the 10-year tranche, with ICBC as co-manager.
Citi, HSBC, JPMorgan and Standard Chartered are joint bookrunners on the Formosa portion. ADCB, BofA Securities, Emirates NBD Capital, First Abu Dhabi Bank, ICBC and Mashreq are structuring agents.
Each tranche is expected to be of benchmark size, which generally means at least $500 million, and the deal is expected to price later on Thursday. (Reporting by Yousef Saba; Editing by Clarence Fernandez)