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There is an aggressive hunt for yield by issuance-starved investors in the Gulf
The duo were the first AT1s from the GCC since Emirates NBD's reopener in April
Books were more than double the deal's size at launch
The company is expanding outside Turkey, such as into Saudi Arabia
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The spread over the sovereign could be as little as 10bp-15bp
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Limiting the trade to $500m meant the issuer could get inside fair value
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Damac boosted the size to $750m from earlier guidance of $600m
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A trio of Gulf senior sukuk this year provide data points for pricing, on top of its own curve
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Issuer is a vital part of Saudi's mortgage and housing market
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The company has not issued for 18 months in public markets