Bahrain
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Issuance will quieten in the next two weeks after a busy start to 2025 -
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Making fair value estimates for the AT1 deal was tricky
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AT1s and senior deals from Saudi and Bahrain are expected early in the week
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The country is the only purely sub-investment grade issuer left in the GCC
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Sovereign's $2bn outing in February was a huge success
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Financial borrower pushes close to fair value as investors flock to five year note
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Books were two times covered for three Gulf banks bonds this week
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Sub-investment grade issuance from Gulf banks is very rare
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Demand cleared $12bn for the dual sukuk and conventional deal
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The issuers are diverse and will not cannibalise demand, said one banker
