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Subscription closed in mid-November heavily oversubscribed to the dollar-denominated euro medium-term note (EMTN) issue by Gulf Investment Corporation (GIC), part of a planned $1,000 million EMTN programme. Commitments of some $850 million were received – the largest ever for this type of issue – and the facility has been upsized to $500 million from $300 million. Banc of America Securities– the investment banking division of Bank of America– and HSBC were lead arrangers and bookrunners on the drawdown.