Middle East
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The country's curve has rallied since the US and Iran agreed on a peace MoU -
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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The bank was offering about 30bp and 50bp over the sovereign
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Rare borrowers Burjeel Holdings and Avilease also marketing deals
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Investors were impressed with how the region's issuers have dealt with the crisis
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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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Borrowing costs for Gulf issuers are already falling since Sunday's announcement
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Bank and corporate issuance from the country has surged in 2026
