Middle East
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The United Arab Emirates is attracting inflows from global equity investors, aided by a vibrant pipeline of jumbo flotations
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Middle East issuance, both Islamic and conventional, has dried up in part due to the high oil price
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Latest UAE privatisation could value the chemicals company at $20bn
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Adnoc and Borealis plan to float 10% of the chemicals company in the UAE’s latest privatisation
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Any new bonds in the near term would be jeopardised by an early election
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It is difficult to see the regulator pushing Turkish corporate borrowers towards default, agreed market experts
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Investors lose trust as Garanti chooses not to call bond
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The development bank has already used Sofr to price a privately placed sukuk
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Middle Eastern issuance could slow temporarily as Eid holiday looms
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Islamic portion of EM debt issuance has more than doubled
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It will be some time before lenders start mulling their Turkish exposure, said one banker