Middle East
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Demand well above expectations, given books opened on an FOMC rate decision day -
Some price discovery needed due to sukuk format and long tenor
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Oil giant's bonds were priced no more than 15bp over the sovereign's curve
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The Gulf kingdom is trying to tackle a very wide deficit and sky-high debt to GDP
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The commercial bank printed its first blue bond in a private format earlier in January
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Saudi government-related bond issuance is 20% up year-on-year
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The bank has a business model different to other Gulf issuers
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Books were more than four times the issue size
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Bond pricing for the mining company started about 43bp back of its parent
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Sovereign wealth fund takes $2bn, as aimed at
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The company left plenty of new issue premium on the table
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Very little — if any — premium left for the Public Investment Fund, a major shareholder
