Orders surge to $4bn as Dubai Investments prices tight
Dubai Investments Park achieved an order book of over $4bn as it priced its $300m debut five year sukuk well inside guidance at 265bp over mid-swaps on Thursday. The deal was boosted by being the first Middle East Islamic bond of the year but also came amid a resurgence of sentiment around Dubai credits.
On Wednesday, DIP gave initial price thoughts of low 300bp over mid-swaps on the deal. But investors said they expected much tighter pricing, with the note already trading up in the grey market around half a point that day.Leads subsequently tightened guidance to the 270bp area over mid-swaps after building the ...
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