Middle East Bonds
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Bond sales spark questions of who invested and whether issuer was augmenting or replacing public benchmark funding -
The trade was priced at a marginally tighter spread than a recent Gulf bank trade
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ADIB likely to be used as main comparable
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The bank hopes its green print will prove a blueprint to others
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The note would be the bank's first trade since its blowout tier one sukuk in the summer
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The sovereign issued two new bonds and then tapped one of them
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Investors expect flurry of new issues
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The sovereign wealth fund paid no concession for its green debut
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The book has passed $5.5bn for a deal under $1bn
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PIF sukuk the exception, not the rule as market insiders believe the window for Middle East issuers has snapped shut, with investors fearful and issuers balking at the higher yields they will have to pay
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Risk of regional escalation of war could not dent tight pricing for Saudi sov wealth fund
