Middle East
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The lender has landed inside a recent QNB trade in euros -
The Islamic bank is offering a premium to Kuwait's largest bank
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NBO's AT1 will easily be the biggest from Oman
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Dubai Islamic Bank has priced at fair value
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The company is by far the most prolific issuer of hybrids in the Gulf
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Recent sluggishness experienced by a Saudi AT1 is unlikely to be repeated for KFH's deal
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A $300m replacement size is needed, but the issuer may go slightly larger
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The US shutdown has not stopped deals, but its end may make primary even better
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Investors are growing full of heavy subordinated issuance
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Yields are far lower than when the industrial investor debuted in 2023
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Comps are the owner, PIF, and bonds from aircraft lessors around the world
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Demand for the 10 year was driven by scarcity and a 'thirst' for duration, said investors
