United Arab Emirates
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Books were more than three times the deal's $1bn size, although orders did leave -
Gulf subordinated issuance far outstrips last year's volume
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The emirate paid no new issue premium for its latest sukuk, bankers said
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The emirate has been busy in other markets this year
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The lender has landed inside a recent QNB trade in euros
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Dubai Islamic Bank has priced at fair value
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The US shutdown has not stopped deals, but its end may make primary even better
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Yields are far lower than when the industrial investor debuted in 2023
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Five banks in the GCC have opened books, or plan to, on new paper this week
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Regulatory processes to print Panda bonds are still complex and opaque, but have improved
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It can take a long time to prepare Panda bonds, which can put off issuers
