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Monday, 31 October 2016

Mideast funds more bullish on Saudi Arabia after mammoth bond issue | GulfNews.com

Mideast funds more bullish on Saudi Arabia after mammoth bond issue | GulfNews.com:

"Middle Eastern funds have become more positive towards Saudi Arabian equities after the kingdom’s mammoth international bond sale earlier in October, while they are losing confidence in Egypt, a monthly Reuters poll found.
The poll of 14 leading fund managers, conducted over the past week, found 36 percent expect to increase their allocations to Saudi equities over the next three months, and 14 percent to reduce them. (Poll findings ) That is the most bullish balance for Saudi Arabia since July, and compares to ratios of 14 per cent and 29 per cent in September’s survey.
The $17.5 billion (Dh64.2 billion) bond issue, a record for an emerging market economy, drew huge demand and was priced more tightly than expected. By itself, the proceeds will not make much difference to the economy, but fund managers said Riyadh’s success in opening another overseas funding channel was a positive signal."



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