Kuwait
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EM investors may be happy to see some senior supply after glut of tightly priced AT1 -
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
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The Kuwaiti bank was one of GCC's first issuers in 2024
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Demand came from a diverse group of investors, said one lead
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Rare tier two bonds and an additional tier one will price this week
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The vast majority of issuance from Kuwait is from banks, making this a rare opportunity for buyers
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Books were two times covered for three Gulf banks bonds this week
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Sub-investment grade issuance from Gulf banks is very rare
