Barclays’ Deal With Qatari Sheikh Makes Me Sick, Banker Said - Bloomberg:
A group of senior Barclays Plc executives agonized over adding a Qatari royal to a bailout of the bank during the 2008 financial crisis, but it wasn’t enough to kill the deal.
The bankers, now facing fraud charges in a London court, were responsible for finding a multi-billion pound lifeline from Qatar to stave off nationalization by the U.K. However, the country’s prime minister, Sheikh Hamad bin Khalifa Al Thani, intended to invest personally in exchange for a commission structured as an advisory fee.
“It’s like having the president of the United States advise JP Morgan; you just can’t have it,” Roger Jenkins, Barclays’ former Middle Eastern investment banking chief, said of the secret deal that’s ended up in a London court.
Friday, 11 October 2019
#Saudi dollar bonds fall on worries about Gulf tensions - Reuters
Saudi dollar bonds fall on worries about Gulf tensions - Reuters:
Saudi Arabian dollar bonds slipped to multi-week lows on Friday as investors fretted about the risk of renewed tension in the Gulf after Iran reported an attack on one of its oil tankers.
The 2046 sovereign issue fell 0.9 cents to 109.2 cents in the dollar, its lowest level in nearly three weeks, while Saudi Aramco’s 2049 issue lost 0.6 cents to trade at 108.0 cents in the dollar, according to Tradeweb data.
Iranian media said the tanker Sabiti was struck, probably by missiles, in the Red Sea off Saudi Arabia’s coast on Friday. The incident, which has yet to be independently confirmed, is the latest involving oil tankers in the Red Sea and Gulf area, and could ramp up tensions between Saudi Arabia and Iran, longstanding regional foes.
Saudi Arabian dollar bonds slipped to multi-week lows on Friday as investors fretted about the risk of renewed tension in the Gulf after Iran reported an attack on one of its oil tankers.
The 2046 sovereign issue fell 0.9 cents to 109.2 cents in the dollar, its lowest level in nearly three weeks, while Saudi Aramco’s 2049 issue lost 0.6 cents to trade at 108.0 cents in the dollar, according to Tradeweb data.
Iranian media said the tanker Sabiti was struck, probably by missiles, in the Red Sea off Saudi Arabia’s coast on Friday. The incident, which has yet to be independently confirmed, is the latest involving oil tankers in the Red Sea and Gulf area, and could ramp up tensions between Saudi Arabia and Iran, longstanding regional foes.
Oil rises 2% after reports of Iranian tanker attack - Reuters
Oil rises 2% after reports of Iranian tanker attack - Reuters:
Oil prices rose more than 2% on Friday after Iranian media said a state-owned oil tanker was attacked in the Red Sea near Saudi Arabia, while optimism surrounding the U.S.-China trade war lifted sentiment.
Brent crude futures LCOc1 gained $1.41, or 2.4%, to settle at $60.51 a barrel.
West Texas Intermediate (WTI) crude CLc1 futures rose $1.15, or 2.2%, to settle at $54.70 a barrel.
The gains were tempered by the International Energy Agency’s forecast for weakened demand in 2020. Still, Brent and WTI were headed for their first weekly increases in three weeks. Brent rose 3.7% for the week, while WTI gained 3.6%.
Oil prices rose more than 2% on Friday after Iranian media said a state-owned oil tanker was attacked in the Red Sea near Saudi Arabia, while optimism surrounding the U.S.-China trade war lifted sentiment.
Brent crude futures LCOc1 gained $1.41, or 2.4%, to settle at $60.51 a barrel.
West Texas Intermediate (WTI) crude CLc1 futures rose $1.15, or 2.2%, to settle at $54.70 a barrel.
The gains were tempered by the International Energy Agency’s forecast for weakened demand in 2020. Still, Brent and WTI were headed for their first weekly increases in three weeks. Brent rose 3.7% for the week, while WTI gained 3.6%.
Lebanon Lines Up Eurobond Buyers of Last Resort to Win More Time - Bloomberg
Lebanon Lines Up Eurobond Buyers of Last Resort to Win More Time - Bloomberg:
All but cut off from international credit markets and facing dollar shortages at home, Lebanon has come up with another workaround to allow the government to borrow money without raiding the central bank’s reserves.
Local lenders, already the biggest holders of Lebanon’s sovereign debt, will cash out certificates of deposit, or CDs, at the central bank to buy some of Lebanon’s planned Eurobond issue of up to $3 billion, a person familiar with the matter said.
The central bank, known as the Banque du Liban, will subscribe to part of the bond sale, but without directly putting up money, the person said. The funds from local banks will then go toward repaying some of a $1.5 billion bond that matures in November.
All but cut off from international credit markets and facing dollar shortages at home, Lebanon has come up with another workaround to allow the government to borrow money without raiding the central bank’s reserves.
Local lenders, already the biggest holders of Lebanon’s sovereign debt, will cash out certificates of deposit, or CDs, at the central bank to buy some of Lebanon’s planned Eurobond issue of up to $3 billion, a person familiar with the matter said.
The central bank, known as the Banque du Liban, will subscribe to part of the bond sale, but without directly putting up money, the person said. The funds from local banks will then go toward repaying some of a $1.5 billion bond that matures in November.
#AbuDhabi Wants to Change How a Fifth of Global Oil Is Priced - Bloomberg
Abu Dhabi Wants to Change How a Fifth of Global Oil Is Priced - Bloomberg:
The Middle East produces a fifth of the world’s oil, but the region’s never had a benchmark price that competes with London’s Brent or New York’s WTI. That could be about to change.
One of the Persian Gulf’s biggest producers, Abu Dhabi, wants to create a benchmark for Middle Eastern crude that competes for customers in Asia with exports from America’s shale boom. If the new contract for Abu Dhabi’s Murban crude takes off, it could herald a fundamental shift in the way Gulf producers sell oil.
“I think this has legs,” said Mike Muller, Vitol Group’s head of crude trading for Asia. Murban is “a single grade that serves as a good reference, quality-wise, for the big new flow that’s coming into Asia,” he said this month at a conference in the Middle Eastern oil-trading hub of Fujairah.
The Middle East produces a fifth of the world’s oil, but the region’s never had a benchmark price that competes with London’s Brent or New York’s WTI. That could be about to change.
One of the Persian Gulf’s biggest producers, Abu Dhabi, wants to create a benchmark for Middle Eastern crude that competes for customers in Asia with exports from America’s shale boom. If the new contract for Abu Dhabi’s Murban crude takes off, it could herald a fundamental shift in the way Gulf producers sell oil.
“I think this has legs,” said Mike Muller, Vitol Group’s head of crude trading for Asia. Murban is “a single grade that serves as a good reference, quality-wise, for the big new flow that’s coming into Asia,” he said this month at a conference in the Middle Eastern oil-trading hub of Fujairah.
Oil prices jumps 2% after Iranian oil tanker explosion raises supply concerns - Reuters
Oil prices jumps 2% after Iranian oil tanker explosion raises supply concerns - Reuters:
Oil prices jumped by 2% on Friday after Iranian news agencies said a state-owned oil tanker was struck by two missiles in the Red Sea near Saudi Arabia, raising the prospect of supply disruptions from a crucial producing region.
Iranian state TV reported that the oil tanker Sinopa, owned by the National Iranian Oil Co, was struck offshore the Saudi Arabian city of Jeddah. The ship suffered heavy damage and was leaking oil into the water, unnamed sources told Iran’s Students News Agency ISNA.
All crew members of the Iranian oil tanker are safe and the situation of the tanker is stable, Iran’s Nour news agency said.
International benchmark Brent crude futures LCOc1 rose as much as 2.3% to $60.46 a barrel and were at $60.13 per barrel, up $1.02, by 0648 GMT.
U.S. West Texas Intermediate (WTI) crude CLc1 futures rose as much as 2.1% to $54.69 a barrel and were at $54.47 per barrel, up 92 cents.
Oil prices jumped by 2% on Friday after Iranian news agencies said a state-owned oil tanker was struck by two missiles in the Red Sea near Saudi Arabia, raising the prospect of supply disruptions from a crucial producing region.
Iranian state TV reported that the oil tanker Sinopa, owned by the National Iranian Oil Co, was struck offshore the Saudi Arabian city of Jeddah. The ship suffered heavy damage and was leaking oil into the water, unnamed sources told Iran’s Students News Agency ISNA.
All crew members of the Iranian oil tanker are safe and the situation of the tanker is stable, Iran’s Nour news agency said.
International benchmark Brent crude futures LCOc1 rose as much as 2.3% to $60.46 a barrel and were at $60.13 per barrel, up $1.02, by 0648 GMT.
U.S. West Texas Intermediate (WTI) crude CLc1 futures rose as much as 2.1% to $54.69 a barrel and were at $54.47 per barrel, up 92 cents.
#Iran oil tanker hit by two missiles off Saudi coast: Iranian state media - Reuters
Iran oil tanker hit by two missiles off Saudi coast: Iranian state media - Reuters:
An Iranian-owned oil tanker was hit by two missiles in the Red Sea off Saudi Arabia’s coast on Friday, Iran’s state television reported, quoting the National Iranian Oil Company (NIOC) which owns the vessel.
The Sabiti, which was set ablaze, suffered heavy damage and had leaked oil after it was struck in the morning about 60 miles (96 km) from the Saudi port of Jeddah, Iranian media reported. State-run IRNA agency said the leak had been brought under control.
The alleged attack is the latest incident involving oil tankers in the Red Sea and Gulf region, and is likely to ratchet up tensions between regional foes Iran and Saudi Arabia.
An Iranian-owned oil tanker was hit by two missiles in the Red Sea off Saudi Arabia’s coast on Friday, Iran’s state television reported, quoting the National Iranian Oil Company (NIOC) which owns the vessel.
The Sabiti, which was set ablaze, suffered heavy damage and had leaked oil after it was struck in the morning about 60 miles (96 km) from the Saudi port of Jeddah, Iranian media reported. State-run IRNA agency said the leak had been brought under control.
The alleged attack is the latest incident involving oil tankers in the Red Sea and Gulf region, and is likely to ratchet up tensions between regional foes Iran and Saudi Arabia.
Subscribe to:
Posts (Atom)