Middle East Bonds
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Books hit over $27bn as investors rushed in to put their money to work -
The real estate company will have to offer a chunky premium to other recent issuers from Abu Dhabi
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High liquidity in Gulf means more sukuk during May and June
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The trades drew big order books and each issuer was able to crunch pricing by tens of basis points
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Issuer tightens pricing as high grade EM bonds in demand
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Evidence emerges of banks discriminating over lending and bond mandates
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More Gulf issuers readying deals for after Eid
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Huge books allow sale to price through curve, but bankers do not expect other deals to repeat issuer’s strategy
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The book passed over $1bn and included international accounts as well as the usual Islamic buyers
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A trio of very different bond issuers issuers have spotted an issuance window
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Only a few issuers will be able to bring deals as investors digest recent glut of issuance amid data and holiday disruption
