UPDATE 1-Dubai's MAF tightens pricing ahead of $500 mln bond sale

(Adds updated pricing, book size)

DUBAI, April 29 (Reuters) - Dubai-based shopping malldeveloper Majid Al Futtaim (MAF) has tightened price guidance onits planned 10-year $500 million bond issue, which is due to besold later on Tuesday, a document from lead arrangers showed.

High demand for the offering - the order book was currentlynorth of $2 billion, arranging banks said - has helped MAFreduce the prospective cost of its borrowing.

The bond will price in the range between 195 basis pointsand 200 basis points over midswaps, the document said. This isdown from the 212.5 bps area over midswaps communicated earlieron Tuesday.

Family-owned MAF has picked Barclays, CreditAgricole, Citigroup, Emirates NBD,HSBC and Standard Chartered to arrange thesale, which is its first public debt issue since October.

Then, it printed a $500 million hybrid bond, one of thefirst offerings of such an instrument from the Gulf Arab region.Hybrid bonds have both debt and equity characteristics. (Reporting by David French; Writing by Praveen Menon; Editingby Olzhas Auyezov)