United Arab Emirates
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The note would be ENBD's first in dollars this year after Kangaroo and UAE dirham notes -
Bankers disagree on how much issuance there will be and who could print, but investors are keen
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The bank paid only a slim concession, if any
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Dubai-based hospitality group used recent real estate deals as comps
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Only one other UAE bank has an outstanding tier two bond
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Any new social bond from Rakbank would be a first from the region
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Views vary on the exact new issue premium the emirate paid
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EM dedicated investors will only buy if they have to, but GCC funds are flocking to UAE
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The note traded higher on secondary markets on Wednesday
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Gulf investors have had very little sovereign sukuk to buy this year
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Demand was much better than similar deal from two months ago
