Commercial Bank of Qatar considers international bond issue – sources | Reuters:
"Commercial Bank of Qatar (CBQ) is in talks with banks about a potential international bond issue that will most likely be denominated in U.S. dollars, sources familiar with the matter said on Sunday.
If the deal goes ahead, CBQ would join a growing number of banks from the region tapping the international debt markets this year with the aim of improving capital reserves and boosting capital ratios to counter the impact of lower international oil prices.
CBQ, the Gulf Arab state's third-largest bank by assets, is looking at a benchmark-sized transaction, which conventionally means upwards of $500 million, the sources said."
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Sunday, 19 March 2017
Deutsche Bank to Raise $8.6 Billion After Pricing Share Sale - Bloomberg
Deutsche Bank to Raise $8.6 Billion After Pricing Share Sale - Bloomberg: "Deutsche Bank AG said it will raise 8 billion euros ($8.6 billion) from a capital increase starting this week as the lender seeks to shore up its finances and boost growth.
The Frankfurt-based company will issue 687.5 million new shares at 11.65 euros apiece, it said in a statement on Sunday, in-line with the bank’s March 5 announcement on the planned sale. The shares are priced at a discount of about 35 percent from Friday’s close and almost 41 percent since Bloomberg first reported that the bank was weighing a capital raising. Existing investors will be able to acquire one new share for each two shares they now hold.
The share sale, which will run from March 21 through April 4, will be the fourth capital infusion for Deutsche Bank since 2010. Chief Executive Officer John Cryan, who had previously said he didn’t want to tap shareholders, reversed course this month after the shares almost doubled from their September low and Deutsche Bank was unable to find a buyer for a consumer banking unit.
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The Frankfurt-based company will issue 687.5 million new shares at 11.65 euros apiece, it said in a statement on Sunday, in-line with the bank’s March 5 announcement on the planned sale. The shares are priced at a discount of about 35 percent from Friday’s close and almost 41 percent since Bloomberg first reported that the bank was weighing a capital raising. Existing investors will be able to acquire one new share for each two shares they now hold.
The share sale, which will run from March 21 through April 4, will be the fourth capital infusion for Deutsche Bank since 2010. Chief Executive Officer John Cryan, who had previously said he didn’t want to tap shareholders, reversed course this month after the shares almost doubled from their September low and Deutsche Bank was unable to find a buyer for a consumer banking unit.
"
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OPEC's Cuts Are Treading Water - Bloomberg Gadfly
OPEC's Cuts Are Treading Water - Bloomberg Gadfly:
"The first place that OPEC's output cuts ought to show up is in the volume of oil moving across the world's oceans from producing countries to consumers. That is happening, but more slowly than we might reasonably expect. It looks like it will be a while before global inventories are back to levels that OPEC's comfortable with.Most of the group's crude is exported by sea. This means any reduction in supply should quickly show up in a smaller volume of crude in ships leaving member nations.The agreed cut of about 1.2 million barrels a day, if translated barrel-for-barrel into exports, means we ought to see the volume of oil in transit fall the same amount. So, in the first 70 days of this year, we ought to have seen it fall by about 84 million barrels -- all other things being equal."
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"The first place that OPEC's output cuts ought to show up is in the volume of oil moving across the world's oceans from producing countries to consumers. That is happening, but more slowly than we might reasonably expect. It looks like it will be a while before global inventories are back to levels that OPEC's comfortable with.Most of the group's crude is exported by sea. This means any reduction in supply should quickly show up in a smaller volume of crude in ships leaving member nations.The agreed cut of about 1.2 million barrels a day, if translated barrel-for-barrel into exports, means we ought to see the volume of oil in transit fall the same amount. So, in the first 70 days of this year, we ought to have seen it fall by about 84 million barrels -- all other things being equal."
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MIDEAST STOCKS-Insurance shares buoy Saudi, weak currency aids Egypt | Reuters
MIDEAST STOCKS-Insurance shares buoy Saudi, weak currency aids Egypt | Reuters:
"Stock markets in the Middle East diverged on Sunday with the insurance sector boosting Saudi Arabia and a depreciating currency lifting export and real estate shares in Egypt, while blue chips weighed on the United Arab Emirates and Qatar.
Saudi Arabia's index added 0.5 percent as the insurance sector surged. All but three of the 35 listed insurers rose, with Solidarity Saudi Takaful jumping 3.8 percent after it said it had reduced its accumulated losses to below 50 percent of its capital.
Last week Amana Cooperative Insurance Co said its accumulated losses had been reduced below 50 percent of its capital; its shares rose a further 0.8 percent on Sunday."
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"Stock markets in the Middle East diverged on Sunday with the insurance sector boosting Saudi Arabia and a depreciating currency lifting export and real estate shares in Egypt, while blue chips weighed on the United Arab Emirates and Qatar.
Saudi Arabia's index added 0.5 percent as the insurance sector surged. All but three of the 35 listed insurers rose, with Solidarity Saudi Takaful jumping 3.8 percent after it said it had reduced its accumulated losses to below 50 percent of its capital.
Last week Amana Cooperative Insurance Co said its accumulated losses had been reduced below 50 percent of its capital; its shares rose a further 0.8 percent on Sunday."
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Light at end of tunnel for Saudi’s contractors, says Al Khodari | The National
Light at end of tunnel for Saudi’s contractors, says Al Khodari | The National:
"Conditions in Saudi Arabia’s contracting market are likely to improve this year but only in the second half, according to the head of a leading construction company in the kingdom. Fawwaz Al Khodari, the chief executive of Al Khodari & Sons, said that his company had experienced "a very, very challenging year in 2016", along with the rest of the Saudi market as the government halted payments for most of the year and held off from awarding new contracts. The Tadawul-listed company won just 214 million Saudi riyals (Dh209.6m) worth of new work during the year – an 86 per cent drop on 2015. It posted a net loss of 118m riyals, compared with a profit of 33.4m in 2015 as revenue declined by 34 per cent to 1.03 billion riyals."
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"Conditions in Saudi Arabia’s contracting market are likely to improve this year but only in the second half, according to the head of a leading construction company in the kingdom. Fawwaz Al Khodari, the chief executive of Al Khodari & Sons, said that his company had experienced "a very, very challenging year in 2016", along with the rest of the Saudi market as the government halted payments for most of the year and held off from awarding new contracts. The Tadawul-listed company won just 214 million Saudi riyals (Dh209.6m) worth of new work during the year – an 86 per cent drop on 2015. It posted a net loss of 118m riyals, compared with a profit of 33.4m in 2015 as revenue declined by 34 per cent to 1.03 billion riyals."
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Top real estate tycoon appointed Dubai Holding chairman | Reuters
Top real estate tycoon appointed Dubai Holding chairman | Reuters:
"One of Dubai's leading real estate tycoons will take charge of Dubai Holding, the investment vehicle of the emirate's ruler which has a $35 billion portfolio of assets in over 20 countries, the Dubai government said on Sunday.
Abdulla al-Habbai was chosen as chairman of the investment conglomerate by Dubai ruler Sheikh Mohammed bin Rashid al-Maktoum, the government said in a brief statement.
Habbai will remain chairman of Meraas Holding, a big real estate developer which is controlled by Sheikh Mohammed and in the last few years has played an increasingly important role in expanding Dubai's luxury real estate and tourism sectors."
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"One of Dubai's leading real estate tycoons will take charge of Dubai Holding, the investment vehicle of the emirate's ruler which has a $35 billion portfolio of assets in over 20 countries, the Dubai government said on Sunday.
Abdulla al-Habbai was chosen as chairman of the investment conglomerate by Dubai ruler Sheikh Mohammed bin Rashid al-Maktoum, the government said in a brief statement.
Habbai will remain chairman of Meraas Holding, a big real estate developer which is controlled by Sheikh Mohammed and in the last few years has played an increasingly important role in expanding Dubai's luxury real estate and tourism sectors."
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NMC Health Close to Issuing Bonds or Sukuk to Fund Acquisitions - Bloomberg
NMC Health Close to Issuing Bonds or Sukuk to Fund Acquisitions - Bloomberg:
"NMC Health Plc, based in Abu Dhabi, is close to tapping the bond market to finance acquisitions and diversify its sources of funding as it seeks to expand across key Persian Gulf markets. The London-listed healthcare provider is planning to grow in Saudi Arabia, Oman and Qatar, where it’s focusing on the fertility segment, Chief Executive Officer Prasanth Manghat said in an interview. The size of the acquisition would determine the amount of debt raised. “We’d be looking at fixed income, a sukuk or bond,” said Manghat, who was promoted to CEO this month. “A bond is definitely very close on the cards. But at the end of the day, it’s all driven by what price you get it.”"
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"NMC Health Plc, based in Abu Dhabi, is close to tapping the bond market to finance acquisitions and diversify its sources of funding as it seeks to expand across key Persian Gulf markets. The London-listed healthcare provider is planning to grow in Saudi Arabia, Oman and Qatar, where it’s focusing on the fertility segment, Chief Executive Officer Prasanth Manghat said in an interview. The size of the acquisition would determine the amount of debt raised. “We’d be looking at fixed income, a sukuk or bond,” said Manghat, who was promoted to CEO this month. “A bond is definitely very close on the cards. But at the end of the day, it’s all driven by what price you get it.”"
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Shale's Mister Fix-It: Saudi Arabia - Bloomberg Gadfly
Shale's Mister Fix-It: Saudi Arabia - Bloomberg Gadfly:
"Things are looking up in Shalelandia these days. Oil prices, despite the most recent drop, have stayed close to $50 a barrel. Rig-counts and production are rising. Even Saudi Arabia is looking discombobulated.Lest we forget, though, the chief reason things are looking up is because E&P companies fell way down.Back in October, Gadfly surveyed the financial performance of 11 of the biggest oil and gas producers focused on North America. Now that they have all filed their 10-Ks for 2016, we can see how they fared in the very depths of the oil crash."
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"Things are looking up in Shalelandia these days. Oil prices, despite the most recent drop, have stayed close to $50 a barrel. Rig-counts and production are rising. Even Saudi Arabia is looking discombobulated.Lest we forget, though, the chief reason things are looking up is because E&P companies fell way down.Back in October, Gadfly surveyed the financial performance of 11 of the biggest oil and gas producers focused on North America. Now that they have all filed their 10-Ks for 2016, we can see how they fared in the very depths of the oil crash."
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MIDEAST STOCKS-Large caps weigh on Gulf in early trade; Kuwait outperforms | Reuters
MIDEAST STOCKS-Large caps weigh on Gulf in early trade; Kuwait outperforms | Reuters:
"Stock markets in the Gulf edged down in thin early trade on Sunday as some investors cashed out of blue chips. Dubai's index lost 0.6 percent with a 1.9 percent drop by heavyweight Emaar Properties. Shuaa Capital rose 0.5 percent but GFH Financial fell 0.4 percent. Last week the firms announced they were in preliminary talks on a possible merger. In Qatar, 20 companies will see a doubling of their investible weight factors on Monday in the second phase of Qatar's upgrade by FTSE Russell to secondary emerging market status."
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"Stock markets in the Gulf edged down in thin early trade on Sunday as some investors cashed out of blue chips. Dubai's index lost 0.6 percent with a 1.9 percent drop by heavyweight Emaar Properties. Shuaa Capital rose 0.5 percent but GFH Financial fell 0.4 percent. Last week the firms announced they were in preliminary talks on a possible merger. In Qatar, 20 companies will see a doubling of their investible weight factors on Monday in the second phase of Qatar's upgrade by FTSE Russell to secondary emerging market status."
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