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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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Equate Petrochemical Company, a US and Kuwaiti joint venture, has picked banks for its debut bond issue and, despite heavy supply from Middle East borrowers, bankers have no doubt demand for the deal will be strong.
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As Middle Eastern countries reconfigure to lower oil prices, their funding needs could reach $560bn between 2015-2019, said S&P Global Ratings in a report on Monday.
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Ahli United Bank Kuwait has opened books on a perpetual dollar sukuk after wrapping up investor meetings on Monday, books were oversubscribed and were due to close on Tuesday, according to leads.
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Jordan has mandates two international banks for its second bond to come without a USAID guarantee as the sovereign places its first local currency sukuk.
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Japanese technology giant SoftBank and the Public Investment Fund of Saudi Arabia have agreed to set up a UK-based technology fund for up to $100bn and have employed former bankers from Deutsche Bank and Goldman Sachs to help with the project.
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Aluminium Bahrain (Alba) named on Monday the 22 banks which participated in its $1.5bn loan signed in September, a deal which the borrower described as the largest corporate loan in the country's history.