The arrangers plan to close the book on the issue in early November, after roadshows have been held in Asia, and settle on accounts by mid-November. 'This is essentially a benchmark issue and it will be material size,' says a banker involved in the deal. Floating rate notes issued under the five-year programme will be dollar dominated.

GIC, which will use the proceeds from the issue for general funding purposes, is the latest Gulf institution to turn to an EMTN programme to secure a reliable source of dollar-denominated funds. This year has already seen Bank Muscat, Emirates Bank Internationaland Mashreqbankstage first drawdowns on their EMTN programmes (MEED 14:5:04).