Middle East Bonds
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Making fair value estimates for the AT1 deal was tricky -
Combined books for the two trades came to nearly $8bn
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AT1s and senior deals from Saudi and Bahrain are expected early in the week
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Hybrid issuance had all but disappeared in the last few years from emerging markets
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Demand has been good for new deals during and after execution
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The bond has some novel features, said one investor
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The bank will take $600m on a book twice that size
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Books were over $2.1bn for a $1bn trade
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Sovereign has taken out two-thirds of the year's international funding plan in one swoop
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The Kuwaiti bank was one of GCC's first issuers in 2024
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Hybrid bonds are rare in the Gulf and even harder to find in Africa
