Kuwait-based Gulf Investment Corporation (GIC) is preparing to complete a bond issue of around $500m in size by 23 November, according to sources close to the deal.

A roadshow of potential investors concluded at the beginning of this week and initial price guidance suggests the deal will pay around 250 basis points above the midswap rate. The bond issue is being arranged by the UK’s Standard Chartered, France’s BNP Paribas, the US’ Citigroup and National Bank of Abu Dhabi (NBAD).

Abu Dhabi National Energy Company (Taqa) is also planning to issue a bond soon. Earlier in November, it appointed the UK’s HSBC with BNP Paribas, Citigroup, NBAD and Standard Chartered to arrange the deal. Taqa is also planning to raise $2bn from the loan markets.