Bahrain
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The country is the only purely sub-investment grade issuer left in the GCC -
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
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Abu Dhabi real estate firm has crunched pricing by 25bp so far
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High liquidity in Gulf means more sukuk during May and June
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Only a few issuers will be able to bring deals as investors digest recent glut of issuance amid data and holiday disruption
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Bahrain is planning its first public issue since 2021
