United Arab Emirates
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Excluding the first weeks of the last two years, it was the busiest week since early 2023
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Wednesday’s Siemens Healthineers selldown was multiple times oversubscribed
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Limiting the trade to $500m meant the issuer could get inside fair value
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Damac boosted the size to $750m from earlier guidance of $600m
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The bank landed well inside fair value estimates, according to three observers
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A trio of Gulf senior sukuk this year provide data points for pricing, on top of its own curve
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The company has not issued for 18 months in public markets
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The bank has an outstanding issue with a first call date in March
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Books for the €500m deal were over three times covered
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The company's sukuk dropped over 10 cash points on Wednesday, although has recovered since
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The bank has had a stellar start to bond and sukuk sales in 2025
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Hybrid issuance had all but disappeared in the last few years from emerging markets