Middle East
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Combined books for the two trades came to nearly $8bn -
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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New issue concession was minimal at worst, estimated bankers
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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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There was no hesitation in starting issuance this year with subordinated debt
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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 facility is being used to drive Saudi investment in industries away from petrochemicals
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Sovereign jumps in to make a start on gargantuan funding plans
