Dubai brings first puttable Middle East sovereign, sparks debate over pricing

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Dubai brings first puttable Middle East sovereign, sparks debate over pricing

Dubai this week became the first Middle Eastern sovereign to issue a bond with a put, but syndicate officials and traders away from the note said that the option had been underpriced. Whatever the truth of that claim, the bond only traded down by a quarter point in secondary — while other new issues from the week fell much further.

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