Middle East Bonds
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The Emirate did not have to pay a new issue premium -
Tight spreads are drawing issuers and investors to lock in high yields while they can
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Book reaches $1.6bn at launch for five year non-call two
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Saudi bank drew a book over four times the size of its sukuk debut
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Saudi Arabia’s wealth fund only paid around 5bp over the sovereign’s curve
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Other similarly rated sovereigns have issued with no new issue premium this year
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Demand topped $4bn by midday UK time on Wednesday
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The sovereign wealth fund has already raised $5bn via conventional bonds this year
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More real estate debt on offer despite waning demand
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The emirate may have to offer a bigger concession than some recent sovereign issuers
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Saudi Arabia's Alinma Bank plans a debut issuance in the subordinated format
