Middle East Bonds
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The US bank is reshuffling several roles in the Middle East -
Observers wanted 30% of allocations to go overseas, but ENBD fell a little short
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Tight price and strong book reported as market awaits geographic breakdown
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Flood of AT1s expected to follow the first public trade from the Gulf in over two months
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Announcements could come as early as Monday, the two month anniversary of the last public GCC trades
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Islamic investors have been a safe haven for Gulf issuers in the past, and can be now
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Kuwait joins PP party
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The Iran war has led to a flurry of private trades from the Gulf
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Even if ceasefire succeeds, investors will still want a risk premium
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Funding costs and new issue premiums are much higher than GCC issuers are used to
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Senior banker will move to Abu Dhabi to take up position
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