United Arab Emirates
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The book has passed $5.5bn for a deal under $1bn -
International investors are expecting a big sukuk premium
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Even highly rated Emirates NBD had to offer investors a healthy new issue concession
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The cost of developing and issuing new types of securities is worthwhile in the long run
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Recent US Treasury volatility meant the Emirates bank played safe on pricing
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The Dubai real estate firm is a 'niche' issuer for investors, said one fund manager
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The note would be ENBD's first in dollars this year after Kangaroo and UAE dirham notes
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Bankers disagree on how much issuance there will be and who could print, but investors are keen
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The bank paid only a slim concession, if any
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Dubai-based hospitality group used recent real estate deals as comps
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Only one other UAE bank has an outstanding tier two bond
