GCC
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The Dubai car parks operator's flotation was more than 165 times covered
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The Dubai government is seeking a valuation of up to $1.72bn for its parking business
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Local demand is high enough that issuers can push down pricing, but that puts off overseas buyers
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Main comparables will be recent deals from Al Rajhi's Gulf peers, not its debut note
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The Emirate did not have to pay a new issue premium
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Saudi bank drew a book over four times the size of its sukuk debut
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Saudi Arabia’s wealth fund only paid around 5bp over the sovereign’s curve
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Other similarly rated sovereigns have issued with no new issue premium this year
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Demand topped $4bn by midday UK time on Wednesday
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The IPO will be priced at Sr48 a share, the top of the initial range
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The sovereign wealth fund has already raised $5bn via conventional bonds this year
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More real estate debt on offer despite waning demand