Abu Dhabi and Jordan seek buyers of dollar bonds:
"Abu Dhabi and Jordan both launched 30-year dollar debt sales on Monday, becoming the latest Middle Eastern issuers to tap strong investor demand for a region that has borrowed record amounts on international markets this year. Abu Dhabi is selling dollar-denominated bonds split into maturities of five, 10 and 30 years while the kingdom of Jordan is selling a $1bn 30-year dollar bond at a yield of 7.5 per cent. Debt issuance from Middle Eastern countries has reached a record high in 2017 with $48bn of sales so far, not including this week’s business — surpassing the previous record of $37bn last year."
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Monday, 2 October 2017
Global yield hunters are hawkish on GCC bond market, Deutsche Bank says - The National
Global yield hunters are hawkish on GCC bond market, Deutsche Bank says - The National:
"Regional geopolitical rifts have not dampened the appetite for investment in the GCC, especially for its growing bond market, which is an attractive proposition for investors looking for yields globally, Christian Nolting, the global chief investment officer of Deutsche Bank Wealth Management said.
“From a global perspective, there has always been some geopolitical risk in this region during the last decade,” Mr Nolting said in an interview in Dubai. Investors have not lost confidence in the wake of the diplomatic dispute between Qatar and the Saudi Arabia-led quartet of Arab nations, he said. He added that “people are still interested in this region and they want to invest here”.
In June Saudi Arabia, the UAE, Bahrain and Egypt, which accuse Doha of supporting terrorism and meddling in their internal affairs, cut diplomatic and transport ties with Qatar. The crisis, the worst since the formation of GCC in 1981, has come at a time when the region faces challenging economic conditions from a three-year oil slump."
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"Regional geopolitical rifts have not dampened the appetite for investment in the GCC, especially for its growing bond market, which is an attractive proposition for investors looking for yields globally, Christian Nolting, the global chief investment officer of Deutsche Bank Wealth Management said.
“From a global perspective, there has always been some geopolitical risk in this region during the last decade,” Mr Nolting said in an interview in Dubai. Investors have not lost confidence in the wake of the diplomatic dispute between Qatar and the Saudi Arabia-led quartet of Arab nations, he said. He added that “people are still interested in this region and they want to invest here”.
In June Saudi Arabia, the UAE, Bahrain and Egypt, which accuse Doha of supporting terrorism and meddling in their internal affairs, cut diplomatic and transport ties with Qatar. The crisis, the worst since the formation of GCC in 1981, has come at a time when the region faces challenging economic conditions from a three-year oil slump."
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Saudi, Russia tie up to create $1bn energy fund to invest in projects - The National
Saudi, Russia tie up to create $1bn energy fund to invest in projects - The National:
"Russia and Saudi Arabia plan to set up a US$1 billion energy fund as the world’s two biggest oil producers seek to cement a partnership that was bolstered by their brokering of a global oil output cut. The agreement to establish the fund is expected to be among a number of agreements that will be signed between the two countries during King Salman’s state visit to Russia this week, Russian energy minister Alexander Novak told the Dubai-based Al Arabiya news channel. “With regards to the energy fund, there is in fact a decision [to set it up] and during the king’s visit to Russia the decision will be made,” said Mr Novak in a transcript of the interview published on the channel’s website."
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"Russia and Saudi Arabia plan to set up a US$1 billion energy fund as the world’s two biggest oil producers seek to cement a partnership that was bolstered by their brokering of a global oil output cut. The agreement to establish the fund is expected to be among a number of agreements that will be signed between the two countries during King Salman’s state visit to Russia this week, Russian energy minister Alexander Novak told the Dubai-based Al Arabiya news channel. “With regards to the energy fund, there is in fact a decision [to set it up] and during the king’s visit to Russia the decision will be made,” said Mr Novak in a transcript of the interview published on the channel’s website."
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UAE banks’ credit, deposit growth dips in August | GulfNews.com
UAE banks’ credit, deposit growth dips in August | GulfNews.com:
"Monetary data form the Central Bank of UAE for August showed a monthly drop in system-wide credit and deposits in the banking sector. Gross credit fell by 1 per cent month on month in August, with domestic loans contracting by a greater 1.3 per cent. The main drivers behind this trend were the government related entities (GREs), and the private sector, whose credit offtake contracted by 1.8 per cent and 1.6 per cent respectively."
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"Monetary data form the Central Bank of UAE for August showed a monthly drop in system-wide credit and deposits in the banking sector. Gross credit fell by 1 per cent month on month in August, with domestic loans contracting by a greater 1.3 per cent. The main drivers behind this trend were the government related entities (GREs), and the private sector, whose credit offtake contracted by 1.8 per cent and 1.6 per cent respectively."
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Indian aviation takes off — via the Gulf | Arab News
Indian aviation takes off — via the Gulf | Arab News:
"India is taking to the air, and it is increasingly using the UAE’s two global airlines, Emirates and Etihad, to do so. This will not come as news to anybody who has traveled to the US recently. On two recent summer flights to New York, Indian passengers formed a big majority in economy class, most of them on codeshare tickets from Jet Airways, India’ second biggest airline measured by destinations served. Both Etihad and Emirates have codeshare deals with Jet. I didn’t have the chance to see the demographic of business class, but it must have been similar, given rising Indian income level and business activity. "
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"India is taking to the air, and it is increasingly using the UAE’s two global airlines, Emirates and Etihad, to do so. This will not come as news to anybody who has traveled to the US recently. On two recent summer flights to New York, Indian passengers formed a big majority in economy class, most of them on codeshare tickets from Jet Airways, India’ second biggest airline measured by destinations served. Both Etihad and Emirates have codeshare deals with Jet. I didn’t have the chance to see the demographic of business class, but it must have been similar, given rising Indian income level and business activity. "
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UPDATE 1-Saudi Telecom asks banks for more time in Turk Telekom debt talks -sources
UPDATE 1-Saudi Telecom asks banks for more time in Turk Telekom debt talks -sources:
"Saudi Telecom Company (STC) has asked banks to extend a payment deadline in debt talks related to Turk Telekom, the Turkish fixed-line telecoms company in which STC is interested in buying a stake, sources close to the matter said.
Saudi Telecom’s request was made on behalf of Turk Telekom’s parent, Oger Telecom, in which STC has a 35 percent holding, three sources familiar with the situation said.
The request to extend a payment deadline on Oger’s $4.75 loan came as Dubai-based Oger Telecom missed its third straight repayment, one of the sources said. Oger missed similar payments in September 2016 and March 2017."
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"Saudi Telecom Company (STC) has asked banks to extend a payment deadline in debt talks related to Turk Telekom, the Turkish fixed-line telecoms company in which STC is interested in buying a stake, sources close to the matter said.
Saudi Telecom’s request was made on behalf of Turk Telekom’s parent, Oger Telecom, in which STC has a 35 percent holding, three sources familiar with the situation said.
The request to extend a payment deadline on Oger’s $4.75 loan came as Dubai-based Oger Telecom missed its third straight repayment, one of the sources said. Oger missed similar payments in September 2016 and March 2017."
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Abu Dhabi Is Said to Weigh Raising About $10 Billion From Bonds - Bloomberg
Abu Dhabi Is Said to Weigh Raising About $10 Billion From Bonds - Bloomberg:
"Abu Dhabi, home to about 6 percent of the world’s oil reserves, is said to be considering raising about $10 billion from a dollar bond sale as early as Tuesday to help plug a budget deficit.
Encouraged by Saudi Arabia’s $12.5 billion sale last week, the biggest sovereign deal in emerging markets this year, Abu Dhabi opened books on Monday for a three-part offering ranging from five to 30 years, people familiar with the matter said, declining not to be identified because the talks are private. No final decision has been made on the size of the transaction, which will be subject to order books, they said.
Initial price thoughts, which were announced after calls with investors, are as follows: "
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"Abu Dhabi, home to about 6 percent of the world’s oil reserves, is said to be considering raising about $10 billion from a dollar bond sale as early as Tuesday to help plug a budget deficit.
Encouraged by Saudi Arabia’s $12.5 billion sale last week, the biggest sovereign deal in emerging markets this year, Abu Dhabi opened books on Monday for a three-part offering ranging from five to 30 years, people familiar with the matter said, declining not to be identified because the talks are private. No final decision has been made on the size of the transaction, which will be subject to order books, they said.
Initial price thoughts, which were announced after calls with investors, are as follows: "
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Qatar Fund Is Said to Explore Asset Sales as It Looks Homeward - Bloomberg
Qatar Fund Is Said to Explore Asset Sales as It Looks Homeward - Bloomberg:
"One of the world’s biggest buyers of trophy assets is becoming a seller. Isolated by powerful Arab neighbors, Qatar’s sovereign wealth fund is reversing a decade-long run in high-profile foreign investments to buttress its own economy. The Qatar Investment Authority, which has reduced its direct holdings in Credit Suisse Group AG, Rosneft PJSC and Tiffany & Co. in recent months, is considering selling more of its $320 billion of assets, which includes stakes in Glencore Plc and Barclays Plc, and channeling the proceeds into its home market, according to people familiar with the matter."
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"One of the world’s biggest buyers of trophy assets is becoming a seller. Isolated by powerful Arab neighbors, Qatar’s sovereign wealth fund is reversing a decade-long run in high-profile foreign investments to buttress its own economy. The Qatar Investment Authority, which has reduced its direct holdings in Credit Suisse Group AG, Rosneft PJSC and Tiffany & Co. in recent months, is considering selling more of its $320 billion of assets, which includes stakes in Glencore Plc and Barclays Plc, and channeling the proceeds into its home market, according to people familiar with the matter."
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Saudi Arabia Still Poised for EM Inclusion 2018, Franklin Says - Bloomberg
Saudi Arabia Still Poised for EM Inclusion 2018, Franklin Says - Bloomberg:
"Saudi Arabia will have to wait a little longer to earn its first emerging market tag after FTSE Russell refrained from classifying the country as such in its annual review last week, according to Bassel Khatoun, chief investment officer of Middle East North Africa equities at Franklin Templeton Investments in Dubai.
Signaling the kingdom will meet requirements for inclusion from early 2018, when enhancements to its Independent Custody Model are expected to be introduced, the index provider congratulated the country on “the pace of recent market reforms” in a statement on Friday. Neighbor Kuwait was awarded the status of secondary emerging market, classification likely to generate as much as $600 million of inflows to the smaller Gulf state, said Khatoun.
The money manager expects Saudi Arabia to earn the classification by FTSE and MSCI Inc. next year. "
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"Saudi Arabia will have to wait a little longer to earn its first emerging market tag after FTSE Russell refrained from classifying the country as such in its annual review last week, according to Bassel Khatoun, chief investment officer of Middle East North Africa equities at Franklin Templeton Investments in Dubai.
Signaling the kingdom will meet requirements for inclusion from early 2018, when enhancements to its Independent Custody Model are expected to be introduced, the index provider congratulated the country on “the pace of recent market reforms” in a statement on Friday. Neighbor Kuwait was awarded the status of secondary emerging market, classification likely to generate as much as $600 million of inflows to the smaller Gulf state, said Khatoun.
The money manager expects Saudi Arabia to earn the classification by FTSE and MSCI Inc. next year. "
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Oil falls more than 2 percent on signs of higher output
Oil falls more than 2 percent on signs of higher output:
"Oil fell more than $1 a barrel to below $56 on Monday as a rise in U.S. drilling and higher OPEC output put the brakes on a rally that helped prices to register their biggest third-quarter gain in 13 years.
Iraq announced its exports rose slightly in September while OPEC overall boosted output, a Reuters survey showed. [OPEC/M]
In its report on Friday, General Electric Co’s Baker Hughes energy services firm said drillers added six oil rigs in the week to Sept. 29, bringing the total count up to 750."
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"Oil fell more than $1 a barrel to below $56 on Monday as a rise in U.S. drilling and higher OPEC output put the brakes on a rally that helped prices to register their biggest third-quarter gain in 13 years.
Iraq announced its exports rose slightly in September while OPEC overall boosted output, a Reuters survey showed. [OPEC/M]
In its report on Friday, General Electric Co’s Baker Hughes energy services firm said drillers added six oil rigs in the week to Sept. 29, bringing the total count up to 750."
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MIDEAST STOCKS-Saudi underperforms region but car-related shares rise again
MIDEAST STOCKS-Saudi underperforms region but car-related shares rise again:
"Most stock markets in the Middle East made small gains on Monday with Egypt hitting yet another all-time high, while the Saudi Arabian index edged down.
The Riyadh index lost 0.1 percent; the banking sector was soft with Banque Saudi Fransi dropping 1.3 percent.
Shares of telecommunications operator Atheeb, which had been suspended by the capital markets regulator since Sept. 25, tumbled 3.1 percent."
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"Most stock markets in the Middle East made small gains on Monday with Egypt hitting yet another all-time high, while the Saudi Arabian index edged down.
The Riyadh index lost 0.1 percent; the banking sector was soft with Banque Saudi Fransi dropping 1.3 percent.
Shares of telecommunications operator Atheeb, which had been suspended by the capital markets regulator since Sept. 25, tumbled 3.1 percent."
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MIDEAST STOCKS-Gulf bourses mixed in early, thin trade
MIDEAST STOCKS-Gulf bourses mixed in early, thin trade:
"Stock markets in the Gulf were mixed in narrow ranges during early trade on Monday as investors lacked fresh news to move funds aggressively.
The Saudi index was flat after 45 minutes. Shares of telecommunications operator Atheeb, which had been suspended by the capital markets regulator since Sept. 25, tumbled 2.4 percent.
The company on Monday issued a statement saying it was still waiting for authorities to grant it a unified licence, which would enable Atheeb to obtain a loan to build its spectrum and pay its dues to the telecommunications regulator."
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"Stock markets in the Gulf were mixed in narrow ranges during early trade on Monday as investors lacked fresh news to move funds aggressively.
The Saudi index was flat after 45 minutes. Shares of telecommunications operator Atheeb, which had been suspended by the capital markets regulator since Sept. 25, tumbled 2.4 percent.
The company on Monday issued a statement saying it was still waiting for authorities to grant it a unified licence, which would enable Atheeb to obtain a loan to build its spectrum and pay its dues to the telecommunications regulator."
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MIDEAST STOCKS-Little upside for Gulf, Dubai shaky technically
MIDEAST STOCKS-Little upside for Gulf, Dubai shaky technically:
"Stock markets in the Gulf may have little upside on Monday because of a lack of fresh, positive news, while Dubai risks turning technically bearish.
The Dubai index fell 0.5 percent to 3,545 points on Sunday, dropping below technical support on the August low of 3,560 points; a second straight close below that level would confirm a break, triggering a minor double top formed by the August and September peaks and pointing down to around 3,440 points. Gulf markets have in general been dampened by the approach of third-quarter earnings announcements in late October. Because of slow economic growth and austerity policies - and in Qatar’s case, the impact of sanctions by neighbouring states - earnings may be mediocre, so stocks may not be bought actively until uncertainty over earnings has eased.
Egypt looks set to outperform the Middle Eastern region after its index added 0.6 percent on Sunday, rising above the July peak to an all-time high. The index gained momentum last week as it started to price in a reversal of tight monetary policy.
"
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"Stock markets in the Gulf may have little upside on Monday because of a lack of fresh, positive news, while Dubai risks turning technically bearish.
The Dubai index fell 0.5 percent to 3,545 points on Sunday, dropping below technical support on the August low of 3,560 points; a second straight close below that level would confirm a break, triggering a minor double top formed by the August and September peaks and pointing down to around 3,440 points. Gulf markets have in general been dampened by the approach of third-quarter earnings announcements in late October. Because of slow economic growth and austerity policies - and in Qatar’s case, the impact of sanctions by neighbouring states - earnings may be mediocre, so stocks may not be bought actively until uncertainty over earnings has eased.
Egypt looks set to outperform the Middle Eastern region after its index added 0.6 percent on Sunday, rising above the July peak to an all-time high. The index gained momentum last week as it started to price in a reversal of tight monetary policy.
"
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