DUBAI: Doha Bank is expected to sell $500 million in five-year bonds on Wednesday and has received over $1 billion in orders for the debt sale, a document showed.

The spread was set at 150 basis points (bps) over mid-swaps, tightening 20 bps from initial guidance, the document from one of the banks on the deal showed.

ING, Barclays, Credit Suisse, Deutsche Bank, JPMorgan, Mizuho, MUFG and QNB Capital are arranging the deal, which is expected to launch later on Wednesday.

Doha Bank declined to comment.