Middle East
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Energy company prints after a Turkish bank sold a tier two with no concession -
Trade will be priced close to, or level with, what the bank would pay in dollars, said a lead
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The real estate firm printed a sukuk less than two months ago
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First euro Gulf bank bond since 2022
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First Turkish tier two capital issue since June
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Court case that could have caused Turkish bond volatility has been postponed
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The note priced with no issue premium, agreed observers
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The company is offering about 25bp of premium to the Saudi sovereign curve
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Goldman Sachs only Western bank on $860m-equivalent deal
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Heavy local demand for dollar benchmark, but international appetite for AT1 may have improved
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Other sovereigns can learn a lot from how Turkey navigates the public bond market
