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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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Sukuk issuance is very rare outside of the sovereign in Turkey
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Issuer's first Islamic issuance of 2024 takes over $2bn in demand
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Gulf primary bond market is strong despite escalation between Israel and Iran
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Taqa's new debt attractively priced, said one fund manager
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The issuer could have issued last week but held off due to heavy competing issuance
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Investors face taking on loss sharing, changing the fundamental nature of sukuk