Middle East Bonds
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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
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Around 50bp of concession offered at IPTs
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Bahrain is planning its first public issue since 2021
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Leads ‘bowled over’ by demand for bond so good they upped it twice
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Majority state-owned utility has used loans for the past two years rather than sukuk
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Debut international deal wins eager demand from Islamic investors and enthusiasts for Saudi risk
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Saudi bank initially offered a 25bp premium before tightening well below fair value
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Despite banking crisis-induced volatility, EM is mostly still in good shape, according to investors
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Shareholder's reputations may be hurt, but their debt market access will not be affected
