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Wednesday, 12 April 2017

Saudi Arabia Set to Raise $8 Billion in Debut Islamic Bond Sale - Bloomberg

Saudi Arabia Set to Raise $8 Billion in Debut Islamic Bond Sale - Bloomberg:

"Saudi Arabia plans to raise about $8 billion in its first dollar-denominated Islamic bond sale, people familiar with the matter said, less than six months after the kingdom sold $17.5 billion of conventional bonds. The government is selling the five-year sukuk tranche at 100 basis points over the mid-swap rate and the 10-year tranche at a spread of 140 basis points to the benchmark, the people said, asking not to be identified because the information is private. Investors submitted more than $33 billion in bids, which were evenly split between the two offerings, the people said."



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MIDEAST STOCKS-Q1 results buoy banks; Zain Saudi soars on record profit | Reuters

MIDEAST STOCKS-Q1 results buoy banks; Zain Saudi soars on record profit | Reuters:

"Generally positive first-quarter results from Gulf banks helped lift financial stocks on Wednesday, while Saudi Arabia's third-largest telecoms operator jumped by its daily limit after reporting its first ever quarterly net profit.

Shares in Qatar National Bank, the largest lender by assets in the Gulf Cooperation Council (GCC), rose 1 percent after it announced net profit of 3.2 billion riyals ($879 million) for the three months to March 31, up 12 percent from the prior year period and beating Arqaam Capital analysts' forecast of 3.0 billion riyals.

Loan growth was up 33 percent year on year to 536 billion riyals, while customer deposits rose by 34 percent to 541 billion riyals.

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Abu Dhabi Financial Group launches Etihad REIT | GulfNews.com

Abu Dhabi Financial Group launches Etihad REIT | GulfNews.com:

"Abu Dhabi Financial Group (ADFG) said on Wednesday it is launching Etihad REIT, a Sharia-compliant real estate investment trust. The REIT comprises a seed portfolio of 10 income producing assets situated in the UAE.
Etihad REIT expects to raise further capital through an initial public offering (IPO) on a stock exchange in the UAE at an appropriate time and subject to regulatory approvals, the ADFG said an emailed statement.
Etihad REIT is the most diversified REIT in the UAE, with holdings in a variety of real estate sub-sectors including residential, retail, warehousing and staff accommodation.
"



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Oil Set for Longest Gain Since 2012 as Saudis Seen Extending Cut - Bloomberg

Oil Set for Longest Gain Since 2012 as Saudis Seen Extending Cut - Bloomberg:

"Oil advanced for an eighth day in London, the longest gain since 2012, on confidence Saudi Arabia will support an extension to OPEC-led output cuts just as stockpiles show signs of shrinking. Brent futures rose 0.6 percent, after rising 6.4 percent in the previous seven sessions. Saudi Arabia is likely to back prolonging the curbs into the second half of 2017 in an effort to boost prices, according to a person familiar with the kingdom’s internal discussions. Several other countries, including Kuwait, have also expressed public support for an extension. Industry data was said to show U.S. crude supplies fell last week and OPEC’s monthly report said international inventories dropped in February."



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UAE's Mashreq Q1 net profit up 2.7 pct | Reuters

UAE's Mashreq Q1 net profit up 2.7 pct | Reuters:

"Mashreq, Dubai's third-biggest lender by assets, on Wednesday reported a 2.7 percent rise in first-quarter net profit as bad loans eased.

Net profit rose to 546 million dirhams ($148.7 million) in the three months to March 31, it said in a statement, up from 532 million.

Mashreq said the rise was primarily due to a 15 percent drop in impairment charges."



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UPDATE 1-Saudi Arabia seen pushing for size with debut dollar sukuk - investors | Reuters

UPDATE 1-Saudi Arabia seen pushing for size with debut dollar sukuk - investors | Reuters:

"Order books for Saudi Arabia's debut international sukuk were in excess of $25 billion on Wednesday, lending support to expectations that the kingdom could push for a deal of at least $10 billion, fixed income investors said. Saudi Arabia is raising funds internationally to diversify its revenues and to plug a budget deficit caused by a slump in international oil prices. Its debut Islamic dollar bond, which is set to be the largest sukuk ever, would be Saudi's second record-breaking debt sale, after its first $17.5 billion conventional bond issued in October last year - the largest ever bond sold across emerging markets."



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MIDEAST STOCKS-Q1 results buoy banks, Zain Saudi soars on first net profit | Reuters

MIDEAST STOCKS-Q1 results buoy banks, Zain Saudi soars on first net profit | Reuters:

"Generally positive first-quarter results from banks in the Gulf helped lift confidence in financial stocks in early trade on Wednesday, while Saudi Arabia's third largest telecommunications operator jumped by its daily limit after it swung to its first ever quarterly net profit. Shares in Qatar National Bank rose 0.9 percent after it reported net profit of 3.2 billion riyals ($879 million) in the three months to March 31, up 12 percent from the prior year period and beating Arqaam Capital analysts' forecast of 3.0 billion riyals. Loan growth was up 33 percent year on year to 536 billion riyals, while customer deposits rose by 34 percent to 541 billion riyals."



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Oman Oil Is Seeking Strategic Advice Following Aramco's IPO Plans - Bloomberg

Oman Oil Is Seeking Strategic Advice Following Aramco's IPO Plans - Bloomberg:

"Oman Oil Co., the sultanate’s state-owned energy producer, is seeking advice from banks on strategic options for its business, according to people familiar with the matter, following plans by larger peer Saudi Arabian Oil Co. to sell shares to the public.

The oil producer has asked international investment banks to pitch for roles to advise on plans to restructure its portfolio, the people said, asking not to be identified as the information is private. Oman Oil may sell assets or list some of its portfolio businesses on the stock market, the people said.

A representative for Oman Oil didn’t have an immediate comment."



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Oil prices rise on potential extension of output cuts | Reuters

Oil prices rise on potential extension of output cuts | Reuters:

"Oil prices rose on Wednesday, putting crude futures on track for their longest streak of gains since August 2016, as Saudi Arabia was reported to be lobbying OPEC and other producers to extend a production cut beyond the first half of 2017. Brent crude futures were up 20 cents, or 0.36 percent, at their highest since early March at $56.43 per barrel at 0656 GMT (02:56 a.m. EDT). If Wednesday's rise holds, it would mark the seventh straight daily increase. That would beat a six-day bull-run from August 2016, although the price jump then was 17.5 percent versus a 6-percent rise in the current rally."



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Saudi Arabia's Debut Islamic Bond Sale Gets $17.5 Billion Orders - Bloomberg

Saudi Arabia's Debut Islamic Bond Sale Gets $17.5 Billion Orders - Bloomberg:

"Saudi Arabia’s debut dollar-denominated Islamic bond, which is due to price Wednesday, attracted more than $17.5 billion of investor orders as of Tuesday evening, people familiar with the matter said. The government plans to sell the five-year sukuk in the 115 basis points area over mid-swaps and a 10-year tranche at a spread of about 155 basis points, the people said, asking not to be identified because the information is private. Books for sale opened to investors on Tuesday."



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Saudi Arabia Said Likely to Back OPEC Extending Output Cuts - Bloomberg

Saudi Arabia Said Likely to Back OPEC Extending Output Cuts - Bloomberg:

"Saudi Arabia is likely to support extending OPEC output cuts into the second half of 2017 in an effort to boost oil prices, according to a person familiar with the kingdom’s internal discussions.

The Organization of Petroleum Exporting Countries is scheduled to gather in Vienna on May 25 to discuss whether to roll over for another six months the 1.2 million barrels a day in production cuts it implemented in January. Several OPEC countries, including Kuwait, have expressed public support for an extension."



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