UAE's Stanford Marine in talks to restructure $325mln in debt- sources | ZAWYA MENA Edition:
"Stanford Marine Group, majority owned by a fund managed by private equity firm Abraaj Group, is in talks with banks to restructure a $325 million Islamic loan, banking sources said.
The Dubai-based oil and gas services firm, which has struggled as a result of a downturn in the hydrocarbons market, has asked banks to consider extending the maturity of its debt and restructuring repayments, the sources said.
Although the company, which operates a fleet of offshore supply vessels that service the oil and gas industry, has not missed any repayments, one of the sources said it had breached certain covenants, without elaborating."
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Monday, 16 April 2018
Qatar sovereign fund not liquidating assets to help banks, CEO says
Qatar sovereign fund not liquidating assets to help banks, CEO says:
"Qatar’s sovereign wealth fund has not been liquidating foreign assets to support the Gulf state’s banking system since other Arab countries imposed an embargo on Qatar last June, according to the fund’s chief executive. The embargo caused heavy outflows of deposits from Qatari banks in the initial months, and central bank data shows government bodies protected the banks by depositing about $30 billion in them between June and December. Outflows have now essentially ceased, removing the need for a government support operation, but bankers said much or most of the emergency deposits in banks last year came from the QIA."
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"Qatar’s sovereign wealth fund has not been liquidating foreign assets to support the Gulf state’s banking system since other Arab countries imposed an embargo on Qatar last June, according to the fund’s chief executive. The embargo caused heavy outflows of deposits from Qatari banks in the initial months, and central bank data shows government bodies protected the banks by depositing about $30 billion in them between June and December. Outflows have now essentially ceased, removing the need for a government support operation, but bankers said much or most of the emergency deposits in banks last year came from the QIA."
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UPDATE 1-Abu Dhabi's TAQA to issue $1.75 bln dual-tranche bond
UPDATE 1-Abu Dhabi's TAQA to issue $1.75 bln dual-tranche bond:
"Abu Dhabi National Energy Co (TAQA) is to issue $1.75 billion in bonds split into a $750 million seven-year tranche and a $1 billion 12-year tranche, a document from one of the banks leading the deal showed. The bond issue, expected to price later on Monday, is the latest sizeable debt sale out of the Gulf, which last week flooded international debt capital markets with about $24 billion in new paper. Saudi Arabia completed an $11 billion deal and Qatar followed with a $12 billion transaction. TAQA, a state-controlled oil explorer and power supplier, has received orders in excess of $8.25 billion for the planned bonds."
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"Abu Dhabi National Energy Co (TAQA) is to issue $1.75 billion in bonds split into a $750 million seven-year tranche and a $1 billion 12-year tranche, a document from one of the banks leading the deal showed. The bond issue, expected to price later on Monday, is the latest sizeable debt sale out of the Gulf, which last week flooded international debt capital markets with about $24 billion in new paper. Saudi Arabia completed an $11 billion deal and Qatar followed with a $12 billion transaction. TAQA, a state-controlled oil explorer and power supplier, has received orders in excess of $8.25 billion for the planned bonds."
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Emirates NBD expands its bank in Saudi Arabia | ZAWYA MENA Edition
Emirates NBD expands its bank in Saudi Arabia | ZAWYA MENA Edition:
"Emirates NBD has expanded its operations in Saudi Arabia by opening its first branch in Jeddah and announcing plans to open two other branches elsewhere in the kingdom, Dubai's largest bank said on Monday. It is the latest foreign bank seeking to expand its presence in Saudi Arabia in anticipation of business stemming from the kingdom's plans to overhaul it economy. Citi C.N also said on Monday that it had officially opened its new offices in Kingdom Tower, Riyadh. The bank, which pulled out of Saudi Arabia in 2004, in January won formal approval from Saudi Arabia's Capital Market Authority to begin investment banking."
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"Emirates NBD has expanded its operations in Saudi Arabia by opening its first branch in Jeddah and announcing plans to open two other branches elsewhere in the kingdom, Dubai's largest bank said on Monday. It is the latest foreign bank seeking to expand its presence in Saudi Arabia in anticipation of business stemming from the kingdom's plans to overhaul it economy. Citi C.N also said on Monday that it had officially opened its new offices in Kingdom Tower, Riyadh. The bank, which pulled out of Saudi Arabia in 2004, in January won formal approval from Saudi Arabia's Capital Market Authority to begin investment banking."
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Aramco Accounts Show Expanding Refining Business Lagged Big Oil - Bloomberg
Aramco Accounts Show Expanding Refining Business Lagged Big Oil - Bloomberg:
"During the price crash of 2014 to 2017, Big Oil weathered the storm thanks to what the industry calls downstream. Margins from refining, petrochemicals and fuel stations shone as crude got cheaper, bringing in profits that helped sustain companies including Exxon Mobil Corp., Royal Dutch Shell Plc and Chevron Corp. For Saudi Aramco it doesn’t seemed to have worked the same way: the state-run energy giant’s downstream profits lagged well behind those at its closest competitors in the first half of 2017, according to accounting data reviewed by Bloomberg News. The information -- the first look inside Aramco’s financial performance since its nationalization more than 40 years ago -- shows the challenge the Saudi-owned company faces as it directs more spending into downstream with the aim of almost doubling refining capacity over the next decade. "
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"During the price crash of 2014 to 2017, Big Oil weathered the storm thanks to what the industry calls downstream. Margins from refining, petrochemicals and fuel stations shone as crude got cheaper, bringing in profits that helped sustain companies including Exxon Mobil Corp., Royal Dutch Shell Plc and Chevron Corp. For Saudi Aramco it doesn’t seemed to have worked the same way: the state-run energy giant’s downstream profits lagged well behind those at its closest competitors in the first half of 2017, according to accounting data reviewed by Bloomberg News. The information -- the first look inside Aramco’s financial performance since its nationalization more than 40 years ago -- shows the challenge the Saudi-owned company faces as it directs more spending into downstream with the aim of almost doubling refining capacity over the next decade. "
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MIDEAST STOCKS-Saudi, Qatar lifted by financials, other Gulf markets mixed
MIDEAST STOCKS-Saudi, Qatar lifted by financials, other Gulf markets mixed:
"Saudi stocks were lifted on Monday by optimism about fund flows and Qatari stocks rose on strong bank earnings, while other bourses in the region were lacklustre. The Saudi index closed 1.0 percent higher, lifted by financial stocks. Insurance firm BUPA Arabia gained 5.5 percent after it recommended an increase in capital to 1.2 billion riyals ($320 million) from 800 million riyals through a 1-for-2 bonus share issue. Banks were also up, with Al Rajhi Bank gaining 2.7 percent, returning to the multi-year high hit last week. "
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"Saudi stocks were lifted on Monday by optimism about fund flows and Qatari stocks rose on strong bank earnings, while other bourses in the region were lacklustre. The Saudi index closed 1.0 percent higher, lifted by financial stocks. Insurance firm BUPA Arabia gained 5.5 percent after it recommended an increase in capital to 1.2 billion riyals ($320 million) from 800 million riyals through a 1-for-2 bonus share issue. Banks were also up, with Al Rajhi Bank gaining 2.7 percent, returning to the multi-year high hit last week. "
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Mideast Stocks - Gulf's relief rally pauses but Saudi extends gain on financials | ZAWYA MENA Edition
Mideast Stocks - Gulf's relief rally pauses but Saudi extends gain on financials | ZAWYA MENA Edition:
"Most Gulf stock markets were flat to slightly higher early on Monday, pausing after they rallied on the previous day because of hopes that the Western military attack on Syria would not escalate into a wider conflict. But Saudi Arabia extended its gains on the back of financials.
The Saudi index was up 0.5 percent in the first half-hour. Insurance firm BUPA Arabia gained 4.0 percent after it recommended an increase in capital to 1.2 billion riyals ($320 million) from 800 million riyals through a 1-for-2 bonus share issue.
Banks were also up with Al Rajhi Bank gaining 1.5 percent, returning to the multi-year high hit last week."
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"Most Gulf stock markets were flat to slightly higher early on Monday, pausing after they rallied on the previous day because of hopes that the Western military attack on Syria would not escalate into a wider conflict. But Saudi Arabia extended its gains on the back of financials.
The Saudi index was up 0.5 percent in the first half-hour. Insurance firm BUPA Arabia gained 4.0 percent after it recommended an increase in capital to 1.2 billion riyals ($320 million) from 800 million riyals through a 1-for-2 bonus share issue.
Banks were also up with Al Rajhi Bank gaining 1.5 percent, returning to the multi-year high hit last week."
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Oil Slips Below $67 as Shale Worries Linger and Syria Fear Eases - Bloomberg
Oil Slips Below $67 as Shale Worries Linger and Syria Fear Eases - Bloomberg:
"Oil slid below $67 a barrel as concerns over surging U.S. output reemerged while fears of a Middle East supply crunch waned on speculation that the fallout from a missile strike in Syria may be contained. Futures slipped as much as 1.1 percent in New York after the number of rigs drilling for crude in the U.S. rose to a three-year high, signaling production may rise from record levels. President Donald Trump declared “mission accomplished” a day after the U.S., France and the U.K. launched military strikes in response to Syrian leader Bashar al-Assad’s suspected chemical attack on civilians, and British Foreign Secretary Boris Johnson insisted that the hit was a one-time move."
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"Oil slid below $67 a barrel as concerns over surging U.S. output reemerged while fears of a Middle East supply crunch waned on speculation that the fallout from a missile strike in Syria may be contained. Futures slipped as much as 1.1 percent in New York after the number of rigs drilling for crude in the U.S. rose to a three-year high, signaling production may rise from record levels. President Donald Trump declared “mission accomplished” a day after the U.S., France and the U.K. launched military strikes in response to Syrian leader Bashar al-Assad’s suspected chemical attack on civilians, and British Foreign Secretary Boris Johnson insisted that the hit was a one-time move."
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Tale of Two Bonds: How Qatar's Sale Compares With Saudi Arabia's - Bloomberg
Tale of Two Bonds: How Qatar's Sale Compares With Saudi Arabia's - Bloomberg:
"The political discord between Saudi Arabia and Qatar, which has divided the Arab world since June, spilled into the bond market last week as both chose to sell debt to help fund their budget deficits within 48 hours of each other.
While Qatar held meetings with fixed-income investors between April 9 and 11, Saudi Arabia started and completed a sale on April 10. Both countries had been planning an offering for months.
Below is a comparison of the two offerings and the nations’ finances. Economic data for both countries are from the International Monetary Fund:"
'via Blog this'
"The political discord between Saudi Arabia and Qatar, which has divided the Arab world since June, spilled into the bond market last week as both chose to sell debt to help fund their budget deficits within 48 hours of each other.
While Qatar held meetings with fixed-income investors between April 9 and 11, Saudi Arabia started and completed a sale on April 10. Both countries had been planning an offering for months.
Below is a comparison of the two offerings and the nations’ finances. Economic data for both countries are from the International Monetary Fund:"
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