Saudi Aramco order book reaches 73 billion riyals so far: Samba - Reuters:
Saudi Aramco’s initial public offering (IPO) has attracted approximately 73 billion riyals ($19.47 billion) in institutional and retail orders so far, Saudi Arabia’s Samba Financial Group said on Thursday.
Some 1.8 million retail subscribers have injected more than 14 billion riyals into the IPO so far, Samba, one of the banks managing the deal, said in a statement sent to Reuters.
Institutional subscriptions amounted to 58.4 billion riyals and 1.82 billion subscribed shares, it added.
“Retail and Institutional subscription levels for the first five days of the offering have reached an unprecedented scale, demonstrating the confidence of investors in Saudi Aramco,” said Rania Nashar, vice chairman of Samba Capital, the investment arm of the bank, in the statement.
Thursday 21 November 2019
Oil rises to two-month high on hopes of longer OPEC cuts, U.S.-China trade deal - Reuters
Oil rises to two-month high on hopes of longer OPEC cuts, U.S.-China trade deal - Reuters:
Oil prices rose more than 2% on Thursday to the highest in nearly two months following a Reuters report that OPEC and its allies are likely to extend output cuts until mid-2020 and fresh signs that China had invited U.S. trade negotiators for a new round of talks.
Brent crude LCOc1 ended the session up $1.57, or 2.5%, at $63.97 a barrel, while West Texas Intermediate (WTI) crude CLc1 settled up $1.57, or 2.8%, to $58.58.
WTI touched a session high of $58.67 a barrel, the highest since Sept. 23 and Brent climbed to a high of $64.03, the highest since Sept. 24.
To support oil prices, the Organization of the Petroleum Exporting Countries and its allies are likely to extend output cuts to June when they meet next month, according to OPEC sources.
Oil prices rose more than 2% on Thursday to the highest in nearly two months following a Reuters report that OPEC and its allies are likely to extend output cuts until mid-2020 and fresh signs that China had invited U.S. trade negotiators for a new round of talks.
Brent crude LCOc1 ended the session up $1.57, or 2.5%, at $63.97 a barrel, while West Texas Intermediate (WTI) crude CLc1 settled up $1.57, or 2.8%, to $58.58.
WTI touched a session high of $58.67 a barrel, the highest since Sept. 23 and Brent climbed to a high of $64.03, the highest since Sept. 24.
To support oil prices, the Organization of the Petroleum Exporting Countries and its allies are likely to extend output cuts to June when they meet next month, according to OPEC sources.
MIDEAST STOCKS-Financials hit most of Gulf, Egypt continues to slide - Reuters
MIDEAST STOCKS-Financials hit most of Gulf, Egypt continues to slide - Reuters:
Most Major Gulf stock markets fell on
Thursday, weighed down by financial stocks and falling oil
prices, while Egypt extended a losing streak to a fourth day.
Oil prices edged lower as fresh tensions between the United
States and China over protests in Hong Kong fuelled concern that
a deal to end a trade war between the world's top two economies
may be further delayed.
The Abu Dhabi stock index was down 1%, with First Abu
Dhabi Bank, the largest lender in the United Arab
Emirates, dropping 0.8% and Abu Dhabi Commercial Bank
falling 1%. International Holding (IHC) was down 5.7%.
Most Major Gulf stock markets fell on
Thursday, weighed down by financial stocks and falling oil
prices, while Egypt extended a losing streak to a fourth day.
Oil prices edged lower as fresh tensions between the United
States and China over protests in Hong Kong fuelled concern that
a deal to end a trade war between the world's top two economies
may be further delayed.
The Abu Dhabi stock index was down 1%, with First Abu
Dhabi Bank, the largest lender in the United Arab
Emirates, dropping 0.8% and Abu Dhabi Commercial Bank
falling 1%. International Holding (IHC) was down 5.7%.
Alibaba, Aramco Share Sale Bonanza Fails to Deliver Banks Fee Windfall - The New York Times
Alibaba, Aramco Share Sale Bonanza Fails to Deliver Banks Fee Windfall - The New York Times:
A late-year rush of giant global share sales led by Alibaba's $13 billion Hong Kong listing and Aramco's $26 billion initial public offering is failing to deliver an equivalent payday for equities bankers.
Filings on Thursday revealed 17 banks will split up to $32.3 million for Alibaba Group's Hong Kong deal, which will raise up to $12.9 billion for the Chinese e-commerce giant.
Earlier this week, sources told Reuters that banks working on Saudi Aramco's IPO would split fees worth 0.35% of the amount raised, meaning at the top of its pricing range, raising $25.6 billion, fees would reach $90 million.
The numbers pale in comparison to the $300 million banks made from Alibaba's own record IPO of $25 billion in 2014. The record fee payout was the $550 million banks earned for the $19.6 billion IPO of Visa in New York in 2008.
A late-year rush of giant global share sales led by Alibaba's $13 billion Hong Kong listing and Aramco's $26 billion initial public offering is failing to deliver an equivalent payday for equities bankers.
Filings on Thursday revealed 17 banks will split up to $32.3 million for Alibaba Group's Hong Kong deal, which will raise up to $12.9 billion for the Chinese e-commerce giant.
Earlier this week, sources told Reuters that banks working on Saudi Aramco's IPO would split fees worth 0.35% of the amount raised, meaning at the top of its pricing range, raising $25.6 billion, fees would reach $90 million.
The numbers pale in comparison to the $300 million banks made from Alibaba's own record IPO of $25 billion in 2014. The record fee payout was the $550 million banks earned for the $19.6 billion IPO of Visa in New York in 2008.
RPT-OPEC+ likely to extend oil supply cuts until June - sources - Reuters
RPT-OPEC+ likely to extend oil supply cuts until June - sources - Reuters:
OPEC and its allies are likely to extend existing oil output cuts when they meet next month until mid-2020, with non-OPEC oil producer Russia supporting Saudi Arabia’s push for stable oil prices amid the listing of state oil giant Saudi Aramco.
The Organization of the Petroleum Exporting Countries meets on Dec. 5 at its headquarters in Vienna, followed by talks with a group of other oil producers, lead by Russia, known as OPEC+. The current oil supply cuts run through to March 2020.
On Dec. 5, Saudi Arabia is set to announce the final pricing of the initial public offering of Aramco, in what it hopes will be the world’s largest IPO. The oil price at the time is likely to be key to Aramco’s listing, expected around mid-December.
OPEC and its allies are likely to extend existing oil output cuts when they meet next month until mid-2020, with non-OPEC oil producer Russia supporting Saudi Arabia’s push for stable oil prices amid the listing of state oil giant Saudi Aramco.
The Organization of the Petroleum Exporting Countries meets on Dec. 5 at its headquarters in Vienna, followed by talks with a group of other oil producers, lead by Russia, known as OPEC+. The current oil supply cuts run through to March 2020.
On Dec. 5, Saudi Arabia is set to announce the final pricing of the initial public offering of Aramco, in what it hopes will be the world’s largest IPO. The oil price at the time is likely to be key to Aramco’s listing, expected around mid-December.
Oil drops amid new concern over prospects for U.S.-China trade deal - Reuters
Oil drops amid new concern over prospects for U.S.-China trade deal - Reuters:
Oil prices edged lower on Thursday as fresh tensions between the United States and China over ongoing protests in Hong Kong fueled concern that a long hoped-for deal to end a trade war between the world’s top two economies may be further delayed.
Trade experts have warned the first phase of a deal could slide into next year, while markets are wary negotiations might take a hit as the U.S. House of Representatives passed two bills to back protesters in Hong Kong, much to the disapproval of China.
Brent crude futures LCOc1 dipped 22 cents, or 0.35%, to $62.18 a barrel by 0611 GMT, while West Texas Intermediate (WTI) crude futures CLc1 fell 20 cents, or 0.35%, to $56.81 per barrel. Both benchmarks had risen strongly on Wednesday on bullish U.S. crude inventory data.
“Overnight we saw a rebound of about 3% in crude futures after a reduction in U.S. inventories,” said Hue Frame, portfolio manager at Frame Funds in Sydney. “The volatility today can be attributed to concerns surrounding the ‘phase one’ of the U.S.-China trade deal being delayed into 2020.”
Oil prices edged lower on Thursday as fresh tensions between the United States and China over ongoing protests in Hong Kong fueled concern that a long hoped-for deal to end a trade war between the world’s top two economies may be further delayed.
Trade experts have warned the first phase of a deal could slide into next year, while markets are wary negotiations might take a hit as the U.S. House of Representatives passed two bills to back protesters in Hong Kong, much to the disapproval of China.
Brent crude futures LCOc1 dipped 22 cents, or 0.35%, to $62.18 a barrel by 0611 GMT, while West Texas Intermediate (WTI) crude futures CLc1 fell 20 cents, or 0.35%, to $56.81 per barrel. Both benchmarks had risen strongly on Wednesday on bullish U.S. crude inventory data.
“Overnight we saw a rebound of about 3% in crude futures after a reduction in U.S. inventories,” said Hue Frame, portfolio manager at Frame Funds in Sydney. “The volatility today can be attributed to concerns surrounding the ‘phase one’ of the U.S.-China trade deal being delayed into 2020.”
Aramco Faces Serious Risks From Climate Change, Report Says - Bloomberg
Aramco Faces Serious Risks From Climate Change, Report Says - Bloomberg:
Climate change poses a serious risk to Saudi Aramco’s long-term business as rising sea levels and temperatures could damage infrastructure, curb productivity and even halt some of its operations.
Sea level rises pose the biggest threat to Aramco’s business and may lead to some of its refining facilities being underwater in the next few decades, making it more difficult for the company to operate, the Paris-based consultant Callendar, said in a report.
“The southern part of Yanbu will probably be submerged within the coming decade,” Thibault Laconde, Callendar chief executive officer said in an interview. “Aramco have acknowledged that climate change is a risk but were vague. Is there something most people seem to be missing? They have a responsibility to assess the risk and I don’t think they are doing it.”
Climate change poses a serious risk to Saudi Aramco’s long-term business as rising sea levels and temperatures could damage infrastructure, curb productivity and even halt some of its operations.
Sea level rises pose the biggest threat to Aramco’s business and may lead to some of its refining facilities being underwater in the next few decades, making it more difficult for the company to operate, the Paris-based consultant Callendar, said in a report.
“The southern part of Yanbu will probably be submerged within the coming decade,” Thibault Laconde, Callendar chief executive officer said in an interview. “Aramco have acknowledged that climate change is a risk but were vague. Is there something most people seem to be missing? They have a responsibility to assess the risk and I don’t think they are doing it.”
#SaudiArabia Sidelines Wall Street Banks on Aramco IPO - Bloomberg
Saudi Arabia Sidelines Wall Street Banks on Aramco IPO - Bloomberg:
Saudi Arabia sidelined global banks advising on Aramco’s initial public offering after the deal was pared back to a mainly domestic affair.
JPMorgan Chase & Co. and Morgan Stanley are among global coordinators that have been marginalized as the oil giant turns to local lenders Samba Financial Group and National Commercial Bank, as well as HSBC Holdings Plc to handle investor orders, according to people with knowledge of the matter.
Bank of America Corp., Citigroup Inc., Credit Suisse Group AG, Goldman Sachs Group Inc. -- also global coordinators -- have been told to submit their orders through the three banks, the people said, asking not to be identified because the matter is private. The international banks won’t have access to the IPO orderbook without Aramco’s permission, they said.
Saudi Arabia sidelined global banks advising on Aramco’s initial public offering after the deal was pared back to a mainly domestic affair.
JPMorgan Chase & Co. and Morgan Stanley are among global coordinators that have been marginalized as the oil giant turns to local lenders Samba Financial Group and National Commercial Bank, as well as HSBC Holdings Plc to handle investor orders, according to people with knowledge of the matter.
Bank of America Corp., Citigroup Inc., Credit Suisse Group AG, Goldman Sachs Group Inc. -- also global coordinators -- have been told to submit their orders through the three banks, the people said, asking not to be identified because the matter is private. The international banks won’t have access to the IPO orderbook without Aramco’s permission, they said.
Emirates NBD raises $1.76 bln in an oversubscribed rights issue - Reuters
Emirates NBD raises $1.76 bln in an oversubscribed rights issue - Reuters:
Emirates NBD Bank raised 6.45 billion dirhams ($1.76 billion) by issuing new shares after the capital call was oversubscribed by about 2.8 times, it said in a statement on Thursday.
Dubai’s largest lender said the deal saw strong demand from the United Arab Emirates (UAE), as well as from Middle Eastern and international investors.
The bank plans to use the proceeds to strengthen its capital base and support growth, it said.
In July, Emirates NBD completed a $2.8 billion purchase of Turkey’s Denizbank to bolster its business outside the UAE.
Emirates NBD Bank raised 6.45 billion dirhams ($1.76 billion) by issuing new shares after the capital call was oversubscribed by about 2.8 times, it said in a statement on Thursday.
Dubai’s largest lender said the deal saw strong demand from the United Arab Emirates (UAE), as well as from Middle Eastern and international investors.
The bank plans to use the proceeds to strengthen its capital base and support growth, it said.
In July, Emirates NBD completed a $2.8 billion purchase of Turkey’s Denizbank to bolster its business outside the UAE.
MIDEAST STOCKS- #Saudi ends winning streak as other Gulf markets drop - Reuters
MIDEAST STOCKS-Saudi ends winning streak as other Gulf markets drop - Reuters:
Saudi Arabia’s stock market opened lower early on Thursday, snapping a four-day winning streak, while other major Gulf markets were pressured by their banking shares.
In Saudi Arabia, the benchmark index fell 0.2%, as Saudi Basic Industries decreased 0.3%, while Savola Group was down 1.2%.
The index, however, saw some support from banking shares with the kingdom’s largest lender National Commercial Bank and Al Rajhi Bank gaining 0.5% and 0.2% respectively.
Dubai’s main index slid 0.8% with blue-chip developer Emaar Properties shedding 1.5%, while Emirates NBD Bank dropped 1.2%.
Saudi Arabia’s stock market opened lower early on Thursday, snapping a four-day winning streak, while other major Gulf markets were pressured by their banking shares.
In Saudi Arabia, the benchmark index fell 0.2%, as Saudi Basic Industries decreased 0.3%, while Savola Group was down 1.2%.
The index, however, saw some support from banking shares with the kingdom’s largest lender National Commercial Bank and Al Rajhi Bank gaining 0.5% and 0.2% respectively.
Dubai’s main index slid 0.8% with blue-chip developer Emaar Properties shedding 1.5%, while Emirates NBD Bank dropped 1.2%.
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