UAE court postpones judgment at Dana Gas sukuk hearing - source:
"A judge at a United Arab Emirates court has postponed a ruling on whether $700 million of Islamic bonds issued by Dana Gas are valid, a source close to the matter said on Wednesday. In a dispute with potential implications for issuers and holders of Islamic debt around the world, Dana is refusing to make payments on the sukuk, which will mature this month. It argues that changes in Islamic finance over recent years have made the bonds unlawful in the UAE. A court in the emirate of Sharjah held its first hearing of the case on Tuesday and the judge then decided to reserve his judgment, the source said. It was not clear when hearings might resume."
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Wednesday 4 October 2017
Putin Says Oil Pact With OPEC May Be Extended to End of 2018 - Bloomberg
Putin Says Oil Pact With OPEC May Be Extended to End of 2018 - Bloomberg:
"President Vladimir Putin said Russia is open to extending a deal with OPEC to curb oil supplies to the end of 2018, though he’ll wait to make a decision until nearer the expiry of the existing pact in March. The comments are the strongest signal yet that the Kremlin is willing to redouble efforts to lift global energy prices, coming as Putin prepares to welcome King Salman Bin Abdulaziz of Saudi Arabia to Russia for the first time this week. OPEC Secretary-General Mohammad Barkindo called them a “very strong endorsement” of the deal. “Based on the realities in March 2018, we will make our decision, but I do not rule out that we may extend” the agreement, Putin said at the Russian Energy Week conference in Moscow on Wednesday. “If we speak about a possible extension, then of course, it should be at least until the end of 2018.”"
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"President Vladimir Putin said Russia is open to extending a deal with OPEC to curb oil supplies to the end of 2018, though he’ll wait to make a decision until nearer the expiry of the existing pact in March. The comments are the strongest signal yet that the Kremlin is willing to redouble efforts to lift global energy prices, coming as Putin prepares to welcome King Salman Bin Abdulaziz of Saudi Arabia to Russia for the first time this week. OPEC Secretary-General Mohammad Barkindo called them a “very strong endorsement” of the deal. “Based on the realities in March 2018, we will make our decision, but I do not rule out that we may extend” the agreement, Putin said at the Russian Energy Week conference in Moscow on Wednesday. “If we speak about a possible extension, then of course, it should be at least until the end of 2018.”"
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Abu Dhabi’s $10bn bond sale adds to strong year for Middle East issuance
Abu Dhabi’s $10bn bond sale adds to strong year for Middle East issuance:
"Abu Dhabi has today priced a $10bn bond sale, in the latest major deal to emerge from the Middle Eastern region which has broken issuance records so far this year. The debt, which is rated as double A, was split into three tranches, which mature in five, 10 and 30 years and priced at coupons of 2.5, 2.125 and 4.125 per cent respectively. The deal is the second largest sovereign bond sale from an emerging market seller in 2017, behind Saudi Arabia’s $12.5bn issuance last week. "
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"Abu Dhabi has today priced a $10bn bond sale, in the latest major deal to emerge from the Middle Eastern region which has broken issuance records so far this year. The debt, which is rated as double A, was split into three tranches, which mature in five, 10 and 30 years and priced at coupons of 2.5, 2.125 and 4.125 per cent respectively. The deal is the second largest sovereign bond sale from an emerging market seller in 2017, behind Saudi Arabia’s $12.5bn issuance last week. "
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MIDEAST STOCKS-Qatar sinks to 5-year low, Egypt banks hurt by reserve ratio rise
MIDEAST STOCKS-Qatar sinks to 5-year low, Egypt banks hurt by reserve ratio rise:
"Qatar’s stock index sank to a five-year low on Wednesday as foreign funds continued to sell ahead of third-quarter corporate earnings, while banks in Egypt were hit by news that the central bank would raise the required reserve ratio.
The Qatari index lost 1.6 percent in thin trade, bringing its losses since four other Arab states broke off ties with Doha on June 5 to nearly 18 percent. Banks were particularly hard hit, with Commercial Bank down 3.6 percent.
“There is too much uncertainty and negative headlines about the Qatari banking sector. Third-quarter results will be watched very closely to see just how much the diplomatic rupture has hurt those banks’ asset quality,” said a Paris-based fund manager.
"
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"Qatar’s stock index sank to a five-year low on Wednesday as foreign funds continued to sell ahead of third-quarter corporate earnings, while banks in Egypt were hit by news that the central bank would raise the required reserve ratio.
The Qatari index lost 1.6 percent in thin trade, bringing its losses since four other Arab states broke off ties with Doha on June 5 to nearly 18 percent. Banks were particularly hard hit, with Commercial Bank down 3.6 percent.
“There is too much uncertainty and negative headlines about the Qatari banking sector. Third-quarter results will be watched very closely to see just how much the diplomatic rupture has hurt those banks’ asset quality,” said a Paris-based fund manager.
"
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Saudi and Russia line up $3bn in investment deals
Saudi and Russia line up $3bn in investment deals:
"The bonhomie between the world’s two biggest energy players is about to get closer. Saudi Arabian and Russian companies will sign investment deals worth more than $3bn this week, Russia’s energy minister said, as part of a landmark state visit to Moscow by the country’s King. The two countries will create a $1bn fund to invest in energy projects, alongside a deal to pump $150m into Russia’s Eurasia Drilling Company, and a $1.1bn agreement for Russian petrochemical company Sibur to build a plant in Saudi Arabia, Alexander Novak told the FT. "
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"The bonhomie between the world’s two biggest energy players is about to get closer. Saudi Arabian and Russian companies will sign investment deals worth more than $3bn this week, Russia’s energy minister said, as part of a landmark state visit to Moscow by the country’s King. The two countries will create a $1bn fund to invest in energy projects, alongside a deal to pump $150m into Russia’s Eurasia Drilling Company, and a $1.1bn agreement for Russian petrochemical company Sibur to build a plant in Saudi Arabia, Alexander Novak told the FT. "
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The risk reward scenarios in delaying transformation of GCC economies - The National
The risk reward scenarios in delaying transformation of GCC economies - The National:
"As visions go, transforming leading GCC economies such as Saudi Arabia's is exciting. Transformation promises more diversification and security. Instead of having all the eggs in the fossil fuel basket, different sectors of the economy are set for development. This frees GCC countries from excessive risks linked to a monolithic economy. The last two-and-a-half years have shown what happens when crude oil prices crumble. The foundations of oil-producing countries have been shaken to the core. All the financial and economic pain is sending a signal. It appears to be a foregone conclusion that diversification is urgent. So much for the necessity for economic modernisation. But the devil is in the details, as the saying goes. The recent slowdown of the transformation process sent a warning message to investors. Still, the reaction has been relatively mild, possibly due to the stabilisation of the oil price. The markets may not be alarmed, but economic risk-reward scenarios are back under the microscope. GCC countries would struggle if they took another hit like the last two-and-a-half years of low oil prices."
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"As visions go, transforming leading GCC economies such as Saudi Arabia's is exciting. Transformation promises more diversification and security. Instead of having all the eggs in the fossil fuel basket, different sectors of the economy are set for development. This frees GCC countries from excessive risks linked to a monolithic economy. The last two-and-a-half years have shown what happens when crude oil prices crumble. The foundations of oil-producing countries have been shaken to the core. All the financial and economic pain is sending a signal. It appears to be a foregone conclusion that diversification is urgent. So much for the necessity for economic modernisation. But the devil is in the details, as the saying goes. The recent slowdown of the transformation process sent a warning message to investors. Still, the reaction has been relatively mild, possibly due to the stabilisation of the oil price. The markets may not be alarmed, but economic risk-reward scenarios are back under the microscope. GCC countries would struggle if they took another hit like the last two-and-a-half years of low oil prices."
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CORRECTED-UAE’s ADNOC to start syndicating $6 bln loan -sources
CORRECTED-UAE’s ADNOC to start syndicating $6 bln loan -sources:
"State-owned Abu Dhabi National Oil Co (ADNOC), which manages almost all of the proven oil reserves in the United Arab Emirates, is expected to start syndicating a $6 billion loan as early as this week, sources familiar with the matter said.
The loan, a credit facility with maturities of three and five years, is expected to offer an interest rate in the region of 50 basis points over London Interbank Offered Rates for the five-year tranche and 35 bps over Libor for the three-year tranche, said the sources.
The pricing of the loan has decreased from initial discussions because of significant interest received from banks, they said, speaking on condition of anonymity as the matter is not yet public."
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"State-owned Abu Dhabi National Oil Co (ADNOC), which manages almost all of the proven oil reserves in the United Arab Emirates, is expected to start syndicating a $6 billion loan as early as this week, sources familiar with the matter said.
The loan, a credit facility with maturities of three and five years, is expected to offer an interest rate in the region of 50 basis points over London Interbank Offered Rates for the five-year tranche and 35 bps over Libor for the three-year tranche, said the sources.
The pricing of the loan has decreased from initial discussions because of significant interest received from banks, they said, speaking on condition of anonymity as the matter is not yet public."
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Saudi central bank paints rosy picture of economy
Saudi central bank paints rosy picture of economy:
"Officials of Saudi Arabia’s central bank, holding a rare news conference on Wednesday, painted a highly positive picture of the economy, saying growth was likely to strengthen and they were not worried by deflation. Latest official data showed the economy in recession during the second quarter, with gross domestic product shrinking from the previous quarter and private sector growth very weak. Annual consumer price inflation was negative for an eighth consecutive month in August. However, central bank governor Ahmed al-Kholifey said that in light of indicators in the first half of this year, he expected positive results for economic growth in the coming period."
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"Officials of Saudi Arabia’s central bank, holding a rare news conference on Wednesday, painted a highly positive picture of the economy, saying growth was likely to strengthen and they were not worried by deflation. Latest official data showed the economy in recession during the second quarter, with gross domestic product shrinking from the previous quarter and private sector growth very weak. Annual consumer price inflation was negative for an eighth consecutive month in August. However, central bank governor Ahmed al-Kholifey said that in light of indicators in the first half of this year, he expected positive results for economic growth in the coming period."
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Why Saudi Arabia, U.A.E. Earnings Are Under Pressure - Bloomberg
Why Saudi Arabia, U.A.E. Earnings Are Under Pressure - Bloomberg:
"NBAD Securities CEO Mohammed Yasin weighs in on Saudi Arabia and U.A.E earnings. He speaks on "Bloomberg Markets: Middle East." (Source: Bloomberg)"
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"NBAD Securities CEO Mohammed Yasin weighs in on Saudi Arabia and U.A.E earnings. He speaks on "Bloomberg Markets: Middle East." (Source: Bloomberg)"
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JPMorgan Tops Mideast Bond Deals as Borrowing Binge Sets Record - Bloomberg
JPMorgan Tops Mideast Bond Deals as Borrowing Binge Sets Record - Bloomberg:
"It’s a bumper bond harvest in the Middle East and North Africa, with governments raking in $23.5 billion in the past week alone. Not only do the sales boost 2017’s offerings to a new record, it also firms up JPMorgan Chase & Co.’s lead as the region’s top manager for a second straight year. Abu Dhabi’s $10 billion sale Tuesday followed Jordan’s $1 billion transaction on Monday, and Saudi Arabia’s $12.5 billion issue last week, the biggest sovereign deal in emerging markets this year. JPMorgan was among the banks marketing all three."
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"It’s a bumper bond harvest in the Middle East and North Africa, with governments raking in $23.5 billion in the past week alone. Not only do the sales boost 2017’s offerings to a new record, it also firms up JPMorgan Chase & Co.’s lead as the region’s top manager for a second straight year. Abu Dhabi’s $10 billion sale Tuesday followed Jordan’s $1 billion transaction on Monday, and Saudi Arabia’s $12.5 billion issue last week, the biggest sovereign deal in emerging markets this year. JPMorgan was among the banks marketing all three."
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Oil Slides Near $50 on Signs U.S. Fuel Stockpiles Increased - Bloomberg
Oil Slides Near $50 on Signs U.S. Fuel Stockpiles Increased - Bloomberg:
"Oil declined to near $50 a barrel as U.S. industry data showed an increase in gasoline stockpiles and a boost in crude inventories at the nation’s biggest storage hub.
Futures lost as much as 1 percent in New York, after falling 2.4 percent in the previous two sessions. Gasoline supplies rose by 4.91 million barrels last week, the American Petroleum Institute was said to report. That will be the biggest gain since January if replicated in government data Wednesday. Libya is gradually resuming output at its biggest oil field, people familiar with the matter said."
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"Oil declined to near $50 a barrel as U.S. industry data showed an increase in gasoline stockpiles and a boost in crude inventories at the nation’s biggest storage hub.
Futures lost as much as 1 percent in New York, after falling 2.4 percent in the previous two sessions. Gasoline supplies rose by 4.91 million barrels last week, the American Petroleum Institute was said to report. That will be the biggest gain since January if replicated in government data Wednesday. Libya is gradually resuming output at its biggest oil field, people familiar with the matter said."
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Qatar Capable of Supporting Banks Amid Boycott, Governor Says - Bloomberg
Qatar Capable of Supporting Banks Amid Boycott, Governor Says - Bloomberg:
"Qatar, the gas-rich nation boycotted by three of its Gulf neighbors since June, is capable of supporting its banks with assets in the emirate’s vast sovereign wealth fund and foreign currency reserves, the central bank governor said. Stress tests routinely conducted by the central bank show the strength and efficiency of Qatari banks in the face of the “arbitrary measures” imposed by boycotting countries, Governor Abdullah bin Saoud Al Thani said in statement on the regulator’s website on Wednesday. Qatar is being forced to spend heavily to support its banks and defend the currency’s peg to the U.S. dollar after Saudi Arabia, the United Arab Emirates, Bahrain and Egypt severed diplomatic and transport links on June 5, accusing Qatar of supporting Sunni Islamists and Iranian-backed militants. Qatar has repeatedly denied the charges."
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"Qatar, the gas-rich nation boycotted by three of its Gulf neighbors since June, is capable of supporting its banks with assets in the emirate’s vast sovereign wealth fund and foreign currency reserves, the central bank governor said. Stress tests routinely conducted by the central bank show the strength and efficiency of Qatari banks in the face of the “arbitrary measures” imposed by boycotting countries, Governor Abdullah bin Saoud Al Thani said in statement on the regulator’s website on Wednesday. Qatar is being forced to spend heavily to support its banks and defend the currency’s peg to the U.S. dollar after Saudi Arabia, the United Arab Emirates, Bahrain and Egypt severed diplomatic and transport links on June 5, accusing Qatar of supporting Sunni Islamists and Iranian-backed militants. Qatar has repeatedly denied the charges."
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MIDEAST STOCKS-Saudi outperforms but insurer MedGulf hit by regulator warning
MIDEAST STOCKS-Saudi outperforms but insurer MedGulf hit by regulator warning:
"The banking sector helped the Saudi Arabian stock index outperform the region in early trade on Wednesday, but shares of a Saudi insurer were knocked lower after the financial regulator issued it with a warning. The Riyadh index was up 0.4 percent after 45 minutes of trade with the main support coming from the banking sector; National Commercial Bank was up 0.8 percent. Analysts at Al Rajhi Capital estimate the sector’s profits rose mildly in the third quarter because of higher net interest margins and broadly flat bad loan provisions. Saudi firms are expected to release quarterly results late this month."
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"The banking sector helped the Saudi Arabian stock index outperform the region in early trade on Wednesday, but shares of a Saudi insurer were knocked lower after the financial regulator issued it with a warning. The Riyadh index was up 0.4 percent after 45 minutes of trade with the main support coming from the banking sector; National Commercial Bank was up 0.8 percent. Analysts at Al Rajhi Capital estimate the sector’s profits rose mildly in the third quarter because of higher net interest margins and broadly flat bad loan provisions. Saudi firms are expected to release quarterly results late this month."
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