DUBAI, April 26 (Reuters) - The government of Dubai priced a $1.25 billion two-tranche Islamic bond, or sukuk, on Wednesday, at par.
A $600 million 5-year tranche was priced at 4.90 percent and a 10-year portion was priced at 6.45 percent, in line with launch guidance released earlier that day.
On a spread basis, the five-year deal priced at 403.1 basis points over 5-year U.S. Treasuries (UST), and the ten-year at 445.7 basis points over 10-year UST.
Citigroup, National Bank of Abu Dhabi, HSBC and Dubai Islamic Bank were bookrunners on the deal. (Reporting by Rachna Uppal; Editing by Amran Abocar)