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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 two-part trade attracted strong demand from deal-starved investors as the sovereign became realistic on pricing
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The development bank has already used Sofr to price a privately placed sukuk
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Middle Eastern issuance could slow temporarily as Eid holiday looms
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The development bank will have to offer a pick-up to comparable issuers in Europe
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Islamic portion of EM debt issuance has more than doubled
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Kuwaiti lender went ahead but another Middle East issuer waited for a better window