GCC
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Mashreq will add to a steady drip of AT1 from the Gulf -
Most of the demand came from local investors, as one banker expected
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Price was 'way off' fair value, according to a source on the deal
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The firm's second Eurobond offered a premium of about 70bp to its parent at initial pricing, but AviLease was able to halve that
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Rare borrowers Burjeel Holdings and Avilease also marketing deals
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Book coverage ratio was in the same area as Gulf banks' pre-Iran war euro issuance
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Like another Gulf AT1 last week, this trade may not say much about international interest in the region's issuance
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Bank's $1bn sukuk continues the AT1 deluge despite resumption of air strikes
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The bank exercised a call date a month ago and has another late this year
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Sovereign bond print went ahead despite missile and drone attacks just before pricing
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DLT expertise will be needed as markets are modernised
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Books on the dollar deal opened just hours after Iran attacked the country
