Middle East Bonds
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Evidence emerges of banks discriminating over lending and bond mandates -
More Gulf issuers readying deals for after Eid
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Huge books allow sale to price through curve, but bankers do not expect other deals to repeat issuer’s strategy
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The book passed over $1bn and included international accounts as well as the usual Islamic buyers
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A trio of very different bond issuers issuers have spotted an issuance window
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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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Around 50bp of concession offered at IPTs
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Bahrain is planning its first public issue since 2021
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Leads ‘bowled over’ by demand for bond so good they upped it twice
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Majority state-owned utility has used loans for the past two years rather than sukuk
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Debut international deal wins eager demand from Islamic investors and enthusiasts for Saudi risk
