The financing is one of several deals in the region being priced in local currency, in an attempt by borrowers to attract local rather than international investors and so keep borrowing costs down.

The arranging banks will begin working on structuring the price of the deal in the near future. One banker working on the deal says “response from the region looks healthy, particularly as the convertible nature of the deal means it has the attraction of equity as well.”

Morgan Stanley is acting as sole bookrunner on the deal, with Standard Chartered and National Bank of Abu Dhabi acting as joint lead managers.