File- In this Saturday, April 7, 2012 file photo, with the new high-rise buildings of downtown Doha in the background, Qatari women and a man enjoy walking by the sea in Doha, Qatar. (AP Photo/Kamran Jebreili)
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Qatar's unprecedented $9 billion eurobond sale has pressed the reset button for the Gulf debt market. The state Wednesday sold $9 billion of bonds in three maturities, almost double the amount expected by analysts. The average yield on Middle East bonds dropped 25 basis points this year to 4.8 percent yesterday, according to JPMorgan Chase & Co. indexes.Qatar's bonds comprised $3.5 billion in five-year notes priced to yield 120 basis points more than U.S. Treasurys, the same amount in 10-year bonds at 150 basis points over Treasuries and $2 billion of 30-year paper at a 210 basis-point spread.
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