United Arab Emirates
-
Buyers are tiring of Gulf capital trades after a busy first half -
More AT1 supply is coming as 2026 already approaches last year's volume
-
Gulf AT1 issuance is much higher than last year, tiring out investors
-
The bank was set to price about 25bp over fair value
-
The lender offered a premium of about 35bp to the top-tier UAE bank issuers
-
Mashreq will add to a steady drip of AT1 from the Gulf
-
Most of the demand came from local investors, as one banker expected
-
Rare borrowers Burjeel Holdings and Avilease also marketing deals
-
Book coverage ratio was in the same area as Gulf banks' pre-Iran war euro issuance
-
Bank's $1bn sukuk continues the AT1 deluge despite resumption of air strikes
-
The bank exercised a call date a month ago and has another late this year
-
DLT expertise will be needed as markets are modernised
