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Wednesday, 25 May 2016

MIDEAST STOCKS-Gulf rises on back of oil, global mood | Reuters

MIDEAST STOCKS-Gulf rises on back of oil, global mood | Reuters:

"Gains for global equity and oil markets boosted Gulf bourses on Wednesday with Saudi petrochemical shares and Dubai real estate stocks leading the gains.

Riyadh's index rose 0.6 percent in modest volume as Saudi Basic Industries, the largest petrochemical producer, climbed 1.2 percent.

Saudi Cement added 2.0 percent after the company said it had sold its 40 percent stake in Kuwaiti cement company Group International Cement for $6.59 million; the deal will be reflected in its books in the second quarter."



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Qatar to Issue $9 Billion in Middle East’s Biggest Bond Sale - Bloomberg

Qatar to Issue $9 Billion in Middle East’s Biggest Bond Sale - Bloomberg:

"Qatar is selling $9 billion of Eurobonds, marking the biggest-ever bond issue from the Middle East where governments are tapping international investors to fill budget holes left by declining oil and gas revenues.
The country is borrowing across three maturities, offering $3.5 billion in five-year notes at 120 basis points over U.S. Treasuries, 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, according to a person familiar with the transaction. The amount is almost double the $5 billion that bankers close to the deal said Qatar was targeting.
The deal follows a $5 billion Eurobond from Abu Dhabi last month with Middle Eastern sales this year now amounting to almost $30 billion if Qatar’s is included. Energy-exporting nations are borrowing internationally following a halving of oil prices since 2014 which has forced some governments to raid reserves. Qatar is also in the second year of a $200 billion infrastructure upgrade ahead of hosting the 2022 soccer World Cup."



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Etihad raises $500m with minority-owned airlines | GulfNews.com

Etihad raises $500m with minority-owned airlines | GulfNews.com:

"Etihad Airways said on Wednesday it has raised $500 million in funds for the airline and four of its minority-owned carriers.

The announcement follows the airline’s successful efforts last year to raise $700 million using its Etihad Airways Partners platform, a group of airlines minority owned by Etihad.

Etihad along with its airport services unit and minority owned Air Berlin, Air Serbia, Air Seychelles and Alitalia raised the $500 million, according to an Etihad statement."



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MIDEAST STOCKS-Gulf bourses rise in early trade, Saudi petchems lead | Reuters

MIDEAST STOCKS-Gulf bourses rise in early trade, Saudi petchems lead | Reuters:

"Gains for global equity and oil markets supported Gulf bourses in early trade on Wednesday, with Riyadh's index gaining one percent in the first hour as investors bought back shares which were sold off at the start of the week.

Saudi petrochemical shares were particularly strong, lifted by firm oil prices. Saudi Basic Industries was up 1.6 percent.

Saudi Cement rose 1.6 percent after the company said it had sold its 40-percent stake in a Kuwaiti cement company, Grup International Cement, for $6.59 million, and that would be reflected in its books in the second quarter."



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