Kuwait
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The new government bonds provide a fresh and helpful benchmark for Kuwait's issuers -
Investors from outside of the Middle East formed the majority of the book
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Sovereign to price bonds through Saudi Arabia, but back of Abu Dhabi and Qatar
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Investors have awaited Kuwait's return to the market it passed a debt law in March
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Big moves from guidance, small concessions paid
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NBK, QIC and RAK Bank looking for subordinated bonds
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EM investors may be happy to see some senior supply after glut of tightly priced AT1
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Strong local bids enable AT1 sukuk issuers to set yields far below where overseas buyers see fair value
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A splurge of Gulf AT1 issuance is coming and issuers are pushing hard on pricing
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A trio of Gulf banks print but costs may be rising
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A consortium of 12 banks were involved in providing the facility
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Books were over $2.1bn for a $1bn trade
