Saudi Arabia Said to Eye Bond Sale of as Much as $15 Billion - Bloomberg:
"Saudi Arabia is considering selling as much as $15 billion of bonds this year in what would be the country’s first foray into international capital markets, people with knowledge of a matter said.
Encouraged by Qatar’s record issue last week, Saudi Arabia is weighing a sale of at least $10 billion in five-, 10- and 30-year bonds after Ramadan ends in July, the people said. No final decision has been made and the discussions are still at a preliminary stage, the people said, asking not to be identified as the talks are private.
Governments in the six-nation Gulf Cooperation Council, which includes the two-biggest Arab economies of Saudi Arabia and the United Arab Emirates, are turning to public markets after the plunge in oil prices punched holes in their budgets. Qatar last week attracted $23 billion in orders for its $9 billion sale, the biggest-ever from the Middle East. Abu Dhabi raised $5 billion from the sale of five- and 10-year securities in April, while Dubai is also said to be preparing an international bond sale this year."
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Tuesday 31 May 2016
MIDEAST STOCKS-Bourse indexes diverge but end the month at a loss | Reuters
MIDEAST STOCKS-Bourse indexes diverge but end the month at a loss | Reuters:
"Share market indexes in the Middle East diverged on Tuesday, with Saudi Arabia's index outperforming peers as some positive news lifted shares, but all markets ended with losses for the month.
Riyadh's index rebounded 1.4 percent, ending three sessions of declines, although volumes were the lowest since last October.
The index was down 5.3 percent in May, its worst monthly performance since the start of the year."
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"Share market indexes in the Middle East diverged on Tuesday, with Saudi Arabia's index outperforming peers as some positive news lifted shares, but all markets ended with losses for the month.
Riyadh's index rebounded 1.4 percent, ending three sessions of declines, although volumes were the lowest since last October.
The index was down 5.3 percent in May, its worst monthly performance since the start of the year."
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Full Show: Bloomberg Markets Middle East (05/31) - Bloomberg
Full Show: Bloomberg Markets Middle East (05/31) - Bloomberg:
"Full Episode of "Bloomberg Markets Middle East." Guests include: Mouayed Makhlouf, regional director at IFC and Mario Maratheftis, global chief economist at Standard Chartered. (Source: Bloomberg)"
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"Full Episode of "Bloomberg Markets Middle East." Guests include: Mouayed Makhlouf, regional director at IFC and Mario Maratheftis, global chief economist at Standard Chartered. (Source: Bloomberg)"
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Funding crunch leaves GCC projects in the lurch | GulfNews.com
Funding crunch leaves GCC projects in the lurch | GulfNews.com:
"Lower oil prices will constrain the amount of funding available to GCC governments to finance capital and infrastructure projects which will force them to look at alternate solutions according to audit, consulting and financial advisory firm Deloitte.
“Spending in the region will need to be better prioritised in order to ensure it meets social and economic development. Governments will have to seek for the private sector involvement, innovate and find alternative funding sources to fund their project requirements,” said Cynthia Corby, Audit partner and Middle East Infrastructure and Capital Projects leader at Deloitte.
Shrinking banking sector liquidity and rising funding costs are expected to increase cost of bank funding for projects across the GCC. Overall bank liquidity in the Gulf region started to weaken visibly from the second half of 2015, and the trend is expected to continue this year."
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"Lower oil prices will constrain the amount of funding available to GCC governments to finance capital and infrastructure projects which will force them to look at alternate solutions according to audit, consulting and financial advisory firm Deloitte.
“Spending in the region will need to be better prioritised in order to ensure it meets social and economic development. Governments will have to seek for the private sector involvement, innovate and find alternative funding sources to fund their project requirements,” said Cynthia Corby, Audit partner and Middle East Infrastructure and Capital Projects leader at Deloitte.
Shrinking banking sector liquidity and rising funding costs are expected to increase cost of bank funding for projects across the GCC. Overall bank liquidity in the Gulf region started to weaken visibly from the second half of 2015, and the trend is expected to continue this year."
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MIDEAST STOCKS-Saudi petrochemical shares lift bourse, other Gulf weak | Reuters
MIDEAST STOCKS-Saudi petrochemical shares lift bourse, other Gulf weak | Reuters:
"A rebound in Saudi Arabian petrochemical shares helped lift the index in early trade on Tuesday, while other Gulf bourses were weak.
Saudi's Yanbu National Petrochemicals (Yansab), a large cap petrochemical producer, jumped 5.2 percent after the company announced late on Monday that its board recommended a cash distribution of 1.5 riyals per share for the first half of the year, higher than the 1.0 riyals per share for first half of 2015. The total dividends in 2015 and 2014 were 2.0 and 3.0 riyals respectively.
"We expect the company to pay a dividend of 2.5 riyals per share in 2016E, and based on this the dividend yield is expected to be 6.3 percent," said a note by Saudi firm NCB Capital."
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"A rebound in Saudi Arabian petrochemical shares helped lift the index in early trade on Tuesday, while other Gulf bourses were weak.
Saudi's Yanbu National Petrochemicals (Yansab), a large cap petrochemical producer, jumped 5.2 percent after the company announced late on Monday that its board recommended a cash distribution of 1.5 riyals per share for the first half of the year, higher than the 1.0 riyals per share for first half of 2015. The total dividends in 2015 and 2014 were 2.0 and 3.0 riyals respectively.
"We expect the company to pay a dividend of 2.5 riyals per share in 2016E, and based on this the dividend yield is expected to be 6.3 percent," said a note by Saudi firm NCB Capital."
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The Untold Story Behind Saudi Arabia’s 41-Year U.S. Debt Secret - Bloomberg
The Untold Story Behind Saudi Arabia’s 41-Year U.S. Debt Secret - Bloomberg:
"Failure was not an option.
It was July 1974. A steady predawn drizzle had given way to overcast skies when William Simon, newly appointed U.S. Treasury secretary, and his deputy, Gerry Parsky, stepped onto an 8 a.m. flight from Andrews Air Force Base. On board, the mood was tense. That year, the oil crisis had hit home. An embargo by OPEC’s Arab nations—payback for U.S. military aid to the Israelis during the Yom Kippur War—quadrupled oil prices. Inflation soared, the stock market crashed, and the U.S. economy was in a tailspin.
Officially, Simon’s two-week trip was billed as a tour of economic diplomacy across Europe and the Middle East, full of the customary meet-and-greets and evening banquets. But the real mission, kept in strict confidence within President Richard Nixon’s inner circle, would take place during a four-day layover in the coastal city of Jeddah, Saudi Arabia.
"
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"Failure was not an option.
It was July 1974. A steady predawn drizzle had given way to overcast skies when William Simon, newly appointed U.S. Treasury secretary, and his deputy, Gerry Parsky, stepped onto an 8 a.m. flight from Andrews Air Force Base. On board, the mood was tense. That year, the oil crisis had hit home. An embargo by OPEC’s Arab nations—payback for U.S. military aid to the Israelis during the Yom Kippur War—quadrupled oil prices. Inflation soared, the stock market crashed, and the U.S. economy was in a tailspin.
Officially, Simon’s two-week trip was billed as a tour of economic diplomacy across Europe and the Middle East, full of the customary meet-and-greets and evening banquets. But the real mission, kept in strict confidence within President Richard Nixon’s inner circle, would take place during a four-day layover in the coastal city of Jeddah, Saudi Arabia.
"
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MIDEAST STOCKS-Gulf bourses poised to end the month with losses | Reuters
MIDEAST STOCKS-Gulf bourses poised to end the month with losses | Reuters:
"Stock markets in the Middle East looked set to end the month down on Tuesday as investors sell off ahead of the holy month of Ramadan and find little incentive to buy shares.
A Reuters poll of 14 leading fund managers held over the last 10 days found they had grown more cautious about building positions in equities.
Twenty-one percent anticipate cutting back allocations to Middle Eastern stock markets in the next three months, while 14 percent expect to raise them."
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"Stock markets in the Middle East looked set to end the month down on Tuesday as investors sell off ahead of the holy month of Ramadan and find little incentive to buy shares.
A Reuters poll of 14 leading fund managers held over the last 10 days found they had grown more cautious about building positions in equities.
Twenty-one percent anticipate cutting back allocations to Middle Eastern stock markets in the next three months, while 14 percent expect to raise them."
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Qatar Mega-Deal Boosts Middle East Bond Sales to Record: Chart - Bloomberg
Qatar Mega-Deal Boosts Middle East Bond Sales to Record: Chart - Bloomberg:
"Qatar’s $9 billion offering last week propelled monthly foreign bond sales in the Middle East to the highest on record at $13.8 billion as borrowers rush to raise money before the U.S. increases interest rates. DP World Ltd. and Etihad Airways were among other issuers in the week. Governments in the world’s largest oil-producing region have been looking to sell bonds to help plug holes in budget deficits after the slump in crude prices cut revenue."
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"Qatar’s $9 billion offering last week propelled monthly foreign bond sales in the Middle East to the highest on record at $13.8 billion as borrowers rush to raise money before the U.S. increases interest rates. DP World Ltd. and Etihad Airways were among other issuers in the week. Governments in the world’s largest oil-producing region have been looking to sell bonds to help plug holes in budget deficits after the slump in crude prices cut revenue."
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