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Investors piled in orders more than four times trade’s size
Premium to dollars was in the high single digits, said a lead
The UAE bank capped the deal size at $500m, gaining some leverage over pricing
Attractive pricing versus dollars luring GCC borrowers back to the single currency
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Oman’s sovereign wealth fund is in the market for a $600m loan to support its acquisition of a stake in Oman Telecommunications, and is tapping Asian liquidity for the first time. With several Gulf nations making efforts to contain budget deficits, including by selling assets, borrowers from the region could be ones to watch. Shruti Chaturvedi reports.
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Kuwait Projects Company (Kipco) attracted more than $1.4bn of orders for a new 10 year dollar deal after tightening pricing to 4.75% area.
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Strong demand from local and Asian investors allowed Ahli Bank Qatar to pay a minimal new issue premium for its second dollar market outing on Wednesday.
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Ahli Bank Qatar emerged with pricing for a new five year senior dollar benchmark on Wednesday.
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Strong demand enabled Equate Petrochemical to aggressively revise pricing to print a restrained $500m sukuk on Monday from a book that reached $4.2bn before it was reconciled.
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A syndicated loan of as much as $3bn for Dubai Airports looks set to be wrapped up in just under a month’s time, according to a banker close to the deal.