CORRECTED-OFFICIAL-UPDATE 1-Gulf Investment Corp prices $500 mln bond

(Corrects after bookrunner revises figures)

* Bond priced at 2.5 pct over midswaps

* First dollar bond from entity since 2005

* Deal arranged by BNP, Citi, NBAD and StanChart

DUBAI, Nov 21 (Reuters) - Gulf Investment Corp, a

financial institution owned by the six nations of the Gulf

Cooperation Council, has priced a $500 million five-year bond,

its first dollar deal since 2005.

GIC's transaction priced at 250 basis points over the

mid-swap rate, at the tight end of the 250-275 bps guidance. The

bond carried a 3.25 percent coupon and had a reoffer price of

99.79 to yield 3.296 percent.

The bond attracted $1 billion of orders from 97 investors,

the lead managers said on Wednesday. Middle Eastern accounts

received 57 percent of the paper, with European and Asian

investors getting 38 percent and 5 percent respectively.

By investor type, banks were given 50 percent of the deal,

with fund managers and private banks awarded 14 percent and 17

percent respectively. Twelve percent went to pension funds while

7 percent was placed with supranational institutions.

GIC concluded investor meetings in London on Tuesday. BNP

Paribas, Citigroup, National Bank of Abu Dhabi

and Standard Chartered arranged the roadshows

and the subsequent bond.

Kuwait-based GIC was set up in 1983 to provide financial

services to support private sector economic growth in the GCC.

GIC held meetings in Switzerland last month, arranged by BNP

Paribas and Royal Bank of Scotland, which led to a 300

million Swiss franc ($319 million) three-year issue - its debut

offering in francs.

It is rated Baa2 by Moody's and BBB by Fitch Ratings and has

a $2.5 billion bond programme, which the bond is part of.

($1=0.9413 Swiss franc)

(Reporting by Mala Pancholia; Writing by David French; Editing

by Dan Lalor)

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