GCC
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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
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A Saudi real estate issuer is planning a sukuk, the sector's first trade since the Iran war began
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Missile alert stunted flow, but pricing still the main barrier
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Pair bring first public non-bank deals from GCC since the start of the Iran War
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Dollar sukuk prices tight to secondaries, but the issuer's spreads are much elevated since its last print
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Issuers of senior debt are under little pressure to print, and can wait
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Observers wanted 30% of allocations to go overseas, but ENBD fell a little short
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Demand for new bonds has not dropped off since the Iran war started, but new issue premiums have jumped
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Tight price and strong book reported as market awaits geographic breakdown
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Flood of AT1s expected to follow the first public trade from the Gulf in over two months
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Kuwait joins PP party
