Dana Gas to Miss Payment on $700 Million Sukuk Tomorrow - Bloomberg:
"A Middle Eastern energy company that has questioned the lawfulness of its own sukuk won’t settle the $700 million worth of debt owed to investors tomorrow, according to people familiar with the matter. Dana Gas PJSC, the Sharjah, United Arab Emirates-based energy producer, has no plans to repay the two mudaraba sukuk of $350 million in size each, and the company is confident it will win a court case with bondholders, the two people said, asking not to be identified because the information is private. A spokeswoman for the company didn’t immediately comment when contacted by Bloomberg. The company, which has struggled to collect payments from Egypt and Iraq’s Kurdish region, announced plans in May to restructure the debt, but it shocked the Islamic finance industry a month later when it said it no longer considered its sukuk Shariah-compliant. The missed payment tomorrow will be the second time in five years the company fails to settle bonds at maturity."
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Monday, 30 October 2017
Oil Extends Two-Year High as Saudis, Russia Back Prolonged Cuts - Bloomberg
Oil Extends Two-Year High as Saudis, Russia Back Prolonged Cuts - Bloomberg:
"Brent crude extended its rally to a two-year high as OPEC and Russia signaled they’ll prolong supply cuts, while instability in Iraq’s Kurdish region persisted.
The global benchmark rose 0.8 percent, and West Texas Intermediate gained 0.5 percent, though both crudes pulled back from Monday’s highs as they moved closer to levels that signal they might be overbought. Supporting the rally was Saudi Arabian Crown Prince Mohammed bin Salman last week backing an extension of production cuts by OPEC beyond March, following similar signals from Russian President Vladimir Putin.
“OPEC is doing a good job of talking up their position. That put a bid in the market coming into today,” Bob Yawger, director of the futures division at Mizuho Securities USA Inc. in New York, said by telephone. The issues in Kurdistan have “not ended yet. There’s still some potential bid from that.”"
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"Brent crude extended its rally to a two-year high as OPEC and Russia signaled they’ll prolong supply cuts, while instability in Iraq’s Kurdish region persisted.
The global benchmark rose 0.8 percent, and West Texas Intermediate gained 0.5 percent, though both crudes pulled back from Monday’s highs as they moved closer to levels that signal they might be overbought. Supporting the rally was Saudi Arabian Crown Prince Mohammed bin Salman last week backing an extension of production cuts by OPEC beyond March, following similar signals from Russian President Vladimir Putin.
“OPEC is doing a good job of talking up their position. That put a bid in the market coming into today,” Bob Yawger, director of the futures division at Mizuho Securities USA Inc. in New York, said by telephone. The issues in Kurdistan have “not ended yet. There’s still some potential bid from that.”"
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MIDEAST STOCKS-Saudi soft despite SABIC beat, Emaar drags down Dubai
MIDEAST STOCKS-Saudi soft despite SABIC beat, Emaar drags down Dubai:
"Saudi Arabia’s stock market was soft on Monday despite strong earnings at Saudi Basic Industries Corp (SABIC), while Emaar Properties dragged down Dubai’s index.
The Saudi index edged down 0.2 percent. SABIC, the biggest petrochemical producer, gained 0.6 percent after reporting a 10.7 percent rise in third-quarter net profit to 5.79 billion riyals ($1.54 billion); analysts had on average forecast 4.27 billion riyals.
SABIC cited higher average selling prices and higher sales quantities, but this - and Brent crude oil’s rise above $60 a barrel at the end of last week for the first time since 2015 - failed to boost the petrochemical sector as a whole."
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"Saudi Arabia’s stock market was soft on Monday despite strong earnings at Saudi Basic Industries Corp (SABIC), while Emaar Properties dragged down Dubai’s index.
The Saudi index edged down 0.2 percent. SABIC, the biggest petrochemical producer, gained 0.6 percent after reporting a 10.7 percent rise in third-quarter net profit to 5.79 billion riyals ($1.54 billion); analysts had on average forecast 4.27 billion riyals.
SABIC cited higher average selling prices and higher sales quantities, but this - and Brent crude oil’s rise above $60 a barrel at the end of last week for the first time since 2015 - failed to boost the petrochemical sector as a whole."
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UAE consortium to raise $1bn for big-ticket India projects - The National
UAE consortium to raise $1bn for big-ticket India projects - The National:
"NRI-Emirati Investors Group, a consortium of UAE-based private investors, said it will raise US$1 billion for a fund that will finance infrastructure projects in India, the biggest local private fund-raising effort of its kind. "This would be the largest such collective fund raising programme by a private group of investors generating as much $1bn for investment into big-ticket Indian projects and reflects the level of maturity of the UAEs private sector businesses," said Vipul, the consul general of India."
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"NRI-Emirati Investors Group, a consortium of UAE-based private investors, said it will raise US$1 billion for a fund that will finance infrastructure projects in India, the biggest local private fund-raising effort of its kind. "This would be the largest such collective fund raising programme by a private group of investors generating as much $1bn for investment into big-ticket Indian projects and reflects the level of maturity of the UAEs private sector businesses," said Vipul, the consul general of India."
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Some answers and ambivalence from the ‘Saudi Davos’ | Arab News
Some answers and ambivalence from the ‘Saudi Davos’ | Arab News:
"As the stands were being dismantled at the King Abdul Aziz International Conference Center and the last items of luxury luggage were being loaded into airport-bound limos outside the Ritz Carlton last Thursday evening in Riyadh, I bumped into an old banker friend. He works for one of the big American banks that has done business in the Middle East for decades, but this was his first visit to the Kingdom. His verdict: “They told me Saudi Arabia was more different from the US than any other country in the world, but that’s not true. This could be any big conference, anywhere in the world. It was definitely not what I expected.” I got the feeling that many among the 3,500 attendees would have had a similar reaction after the three-day event. Even those who have been traveling regularly to the Kingdom for many years must have been pleasantly surprised at the way the Future Investment Initiative (FII) played out."
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"As the stands were being dismantled at the King Abdul Aziz International Conference Center and the last items of luxury luggage were being loaded into airport-bound limos outside the Ritz Carlton last Thursday evening in Riyadh, I bumped into an old banker friend. He works for one of the big American banks that has done business in the Middle East for decades, but this was his first visit to the Kingdom. His verdict: “They told me Saudi Arabia was more different from the US than any other country in the world, but that’s not true. This could be any big conference, anywhere in the world. It was definitely not what I expected.” I got the feeling that many among the 3,500 attendees would have had a similar reaction after the three-day event. Even those who have been traveling regularly to the Kingdom for many years must have been pleasantly surprised at the way the Future Investment Initiative (FII) played out."
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Emirates NBD's Q3 profit rises 37 pct, ahead of two forecasts
Emirates NBD's Q3 profit rises 37 pct, ahead of two forecasts:
"Emirates NBD (ENBD), Dubai’s largest lender, posted a 37 percent rise in third-quarter net profit on Monday as impairments tumbled and operating income rose.
The bank, the last major lender from the United Arab Emirates to report its earnings during the quarter, made a net profit of 2.28 billion dirhams ($620.78 million) in the three months to Sept. 30, a statement from the bank said, compared to 1.66 billion dirhams in the corresponding period of 2016.
That was ahead of the forecasts of two analysts. EFG Hermes expected the bank would make a net profit of 1.85 billion dirhams, while SICO Bahrain estimated 1.89 billion dirhams."
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"Emirates NBD (ENBD), Dubai’s largest lender, posted a 37 percent rise in third-quarter net profit on Monday as impairments tumbled and operating income rose.
The bank, the last major lender from the United Arab Emirates to report its earnings during the quarter, made a net profit of 2.28 billion dirhams ($620.78 million) in the three months to Sept. 30, a statement from the bank said, compared to 1.66 billion dirhams in the corresponding period of 2016.
That was ahead of the forecasts of two analysts. EFG Hermes expected the bank would make a net profit of 1.85 billion dirhams, while SICO Bahrain estimated 1.89 billion dirhams."
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Saudis Favor Local Sales as They Plan to Deepen Debt Markets - Bloomberg
Saudis Favor Local Sales as They Plan to Deepen Debt Markets - Bloomberg:
"Saudi authorities plan to keep selling local bonds every month as they seek to finance the budget deficit and deepen a nascent debt market, according to the official overseeing the kingdom’s borrowing strategy.
Fahad Al-Saif, head of the debt management office at the Ministry of Finance, said local issuance makes up about 65 percent of the kingdom’s sales and the government wants to maintain this ratio “plus or minus 10 percent for the foreseeable future.”"
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"Saudi authorities plan to keep selling local bonds every month as they seek to finance the budget deficit and deepen a nascent debt market, according to the official overseeing the kingdom’s borrowing strategy.
Fahad Al-Saif, head of the debt management office at the Ministry of Finance, said local issuance makes up about 65 percent of the kingdom’s sales and the government wants to maintain this ratio “plus or minus 10 percent for the foreseeable future.”"
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Dubai's DP World Is New Shining Star of Gulf Bond Markets - Bloomberg
Dubai's DP World Is New Shining Star of Gulf Bond Markets - Bloomberg:
"A Dubai-owned ports operator that has weathered slower global growth since the financial crisis has emerged as the Gulf’s star performer in the bond market.
Buoyed by steadily improving finances and a credit-rating upgrade, state-controlled DP World Ltd.’s debt due in 2037 have handed investors a 21 percent return this year as of Friday. It’s the best performer among dollar-denominated bonds of $1 billion and more in the six-nation Gulf Cooperation Council."
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"A Dubai-owned ports operator that has weathered slower global growth since the financial crisis has emerged as the Gulf’s star performer in the bond market.
Buoyed by steadily improving finances and a credit-rating upgrade, state-controlled DP World Ltd.’s debt due in 2037 have handed investors a 21 percent return this year as of Friday. It’s the best performer among dollar-denominated bonds of $1 billion and more in the six-nation Gulf Cooperation Council."
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MIDEAST STOCKS-Petrochemicals, banks support Saudi; Emaar weighs on Dubai
MIDEAST STOCKS-Petrochemicals, banks support Saudi; Emaar weighs on Dubai:
"Banks and an earnings beat by Saudi Basic Industries Corp (SABIC) boosted Saudi Arabia’s stock market early on Monday while Emaar Properties held back Dubai’s main index.
The Saudi stock index climbed 0.3 percent in the first hour. SABIC, the biggest petrochemical producer, gained 0.9 percent after reporting a 10.7 percent rise in third-quarter net profit on Sunday, beating analysts’ forecasts by a third.
Elsewhere in the sector, Arabian Pipes was up 5.1 percent and Saudi Kayan rose 0.6 percent in heavy trade. However, PetroRabigh fell 0.6 percent."
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"Banks and an earnings beat by Saudi Basic Industries Corp (SABIC) boosted Saudi Arabia’s stock market early on Monday while Emaar Properties held back Dubai’s main index.
The Saudi stock index climbed 0.3 percent in the first hour. SABIC, the biggest petrochemical producer, gained 0.9 percent after reporting a 10.7 percent rise in third-quarter net profit on Sunday, beating analysts’ forecasts by a third.
Elsewhere in the sector, Arabian Pipes was up 5.1 percent and Saudi Kayan rose 0.6 percent in heavy trade. However, PetroRabigh fell 0.6 percent."
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