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Friday, 16 March 2018

Emirates set to close $600m sukuk -statement | GulfNews.com

Emirates set to close $600m sukuk -statement | GulfNews.com:

"Emirates airline, announced in a statement on Friday the execution of a $600 million (Dh2.2 billion) US dollar-denominated Islamic bond with a 10-year tenor. The sukuk was priced at 4.5 per cent, equivalent to 183.2 basis points over five-year US dollar mid-swaps, the statement said. "



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Aramco Gets Cool Response on IPO From U.S. Investors - Bloomberg

Aramco Gets Cool Response on IPO From U.S. Investors - Bloomberg:

"Saudi Arabia’s willingness to delay the initial public offering of state oil company Aramco to 2019 has several motivations, from regulatory risk to competing projects in the government’s crowded agenda.

There’s another, perhaps more significant hurdle: it appears some American investors aren’t that interested.

Over the past few weeks, Aramco executives and government officials pitched their plan for what could be world’s largest share sale to some of the largest U.S. mutual fund firms and hedge funds, according to people familiar with the discussions."



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Saudi central bank raises key interest rates ahead of U.S. | ZAWYA MENA Edition

Saudi central bank raises key interest rates ahead of U.S. | ZAWYA MENA Edition:

"Saudi Arabia's central bank raised its two key interest rates by 0.25 percentage points on Thursday in an apparent effort to prevent Saudi money rates from falling far below U.S. rates, which could trigger capital outflows from the kingdom.

The central bank lifted its repo rate, at which it lends to commercial banks, to 2.25 percentage points and its reverse repo rate, at which commercial banks deposit money with the central bank, to 1.75 percentage points.

The timing of the move was unusual. Normally, Saudi Arabia waits until the United States alters interest rates before making its own changes; this time, the Saudis acted almost a week before next Wednesday's U.S. Federal Reserve meeting, which is widely expected to hike U.S. rates by 0.25 percentage point.
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