Qatar
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Big moves from guidance, small concessions paid -
NBK, QIC and RAK Bank looking for subordinated bonds
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Books over $1.5bn at launch at a spread of 80bp over Treasuries
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Gulf issuance will take a pause due to the Eid holiday next weekend, but June could be busy
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Another Saudi bank brought an AT1 the day before, continuing the spree
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Sustainability-linked deal "overlays" with the firm's Islamic banking practices
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The Fed's meeting and Ramadan are slowing Gulf issuance in the second half of March
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The Qatari lender offered about 30bp of concession at initial pricing
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Excluding the first weeks of the last two years, it was the busiest week since early 2023
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