Middle East Bonds
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Excluding the first weeks of the last two years, it was the busiest week since early 2023 -
Issuance volumes net positive for first time in years
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The spread over the sovereign could be as little as 10bp-15bp
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Limiting the trade to $500m meant the issuer could get inside fair value
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Damac boosted the size to $750m from earlier guidance of $600m
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The bank landed well inside fair value estimates, according to three observers
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Comparables are from shareholders like Saudi Arabia and other regional MDBs
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A trio of Gulf senior sukuk this year provide data points for pricing, on top of its own curve
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Issuer is a vital part of Saudi's mortgage and housing market
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The company has not issued for 18 months in public markets
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The bank has an outstanding issue with a first call date in March
