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Sergey Dergachev, a portfolio manager with Union Investment, noted that the turmoil had not slowed new issuance in the Gulf, pointing to a sukuk from Saudi Arabia's Public Investment Fund.

The consortium is issuing amortising conventional bonds and sukuk to begin refinancing a $13.4 billion bridge loan that backed the stake purchase.

Moody's Investor Service said it expected around $11 billion to be raised from the sale of bonds and sukuk.

It gave the issuers, GreenSaif Pipelines Bidco S.a.r.l. for the bonds and TMS Issuer S.a.r.l. for the sukuk, an expected rating of A1, the same expected ratings for the bonds and sukuk.

"This decline is on account of the payment of US $1,000 million against maturing Pakistan International Sukuk and some other external debt repayments," the statement said.