Middle East Bonds
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Saudi Arabia is the only other Gulf sovereign to have raised in euros -
Original note has traded well since launch in February
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Pricing inside fair value, says lead
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No premium needed for $750m seven year sale
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Deal to refinance tier two of recent acquisition
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Fair value around 110bp-115bp over, says lead
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Real estate firm’s deal a rare example of sub investment grade corporate issuance from GCC
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The sovereign wealth fund paid no concession, but a lead conceded fair value estimates will vary widely
