Middle East Bonds
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After a very busy period since June began, the pipeline has thinned out -
Another Saudi lender is preparing a senior debut
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Big hitters may have come to market but volumes are down
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Strong performance of recent Gulf capital deals bodes well for the upcoming sale
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NBK, QIC and RAK Bank looking for subordinated bonds
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The market has shown little reaction, but that would change if other powers got involved
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Islamic Development Bank deal sold inside the curve
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More Gulf banks, outside Saudi Arabia, are preparing subordinated bond issues this month
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The market is calm, said bankers and investors
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Nearly all subordinated issuance this year from the region has been in the AT1 sukuk format
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Books over $1.5bn at launch at a spread of 80bp over Treasuries
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Gulf issuance will take a pause due to the Eid holiday next weekend, but June could be busy
