UAE, Mideast News: Abu Dhabi Follows Qatar in Bond Sales - Bloomberg:
Abu Dhabi joined other Middle Eastern states selling foreign bonds to bolster their finances in the face of falling energy prices and the coronavirus pandemic.
The emirate attracted more than $25 billion of orders as it issued a $7 billion deal, comprising $2 billion of five-year bonds, $2 billion of 10-year debt and $3 billion of 30-year notes. It follows Qatar, which printed a $10 billion Eurobond on Tuesday, and Israel, which sold $5 billion last week.
They have all offered premiums to their existing securities to attract investors after the coronavirus shut bond markets for most developing-nation borrowers in March.
“Qatar and Abu Dhabi were obvious candidates to open the floodgates,” said Angad Rajpal, the head of fixed income at Emirates NBD Asset Management in Dubai. “Given expectations for a slow recovery in the second half of the year, these issuers have probably established that this is the most conducive window to issue in.”
Thursday, 9 April 2020
StanChart Arranges $272 Million Debt for Virus-Hit #Dubai Economy - Bloomberg
StanChart Arranges $272 Million Debt for Virus-Hit Dubai Economy - Bloomberg:
Dubai raised 1 billion dirhams ($272 million) from the private placement of Islamic bonds as the emirate shores up its finances after the deadly coronavirus shut down much of the economy.
The emirate placed an eight-year sukuk with a 4.71% rate of return, according to data compiled by Bloomberg. Standard Chartered Plc was the sole arranger.
Dubai is among Middle Eastern governments bolstering their finances with debt sales as they face economic disruption due to falling oil prices and the coronavirus. The emirate is discussing other financing options, including its first Eurobond since 2016 and loans, according to people with knowledge of the matter. Abu Dhabi and Qatar raised a combined $17 billion in bond sales this week.
Dubai raised 1 billion dirhams ($272 million) from the private placement of Islamic bonds as the emirate shores up its finances after the deadly coronavirus shut down much of the economy.
The emirate placed an eight-year sukuk with a 4.71% rate of return, according to data compiled by Bloomberg. Standard Chartered Plc was the sole arranger.
Dubai is among Middle Eastern governments bolstering their finances with debt sales as they face economic disruption due to falling oil prices and the coronavirus. The emirate is discussing other financing options, including its first Eurobond since 2016 and loans, according to people with knowledge of the matter. Abu Dhabi and Qatar raised a combined $17 billion in bond sales this week.
European, Middle Eastern & African Stocks - Bloomberg #UAE #SaudiArabia #Qatar
European, Middle Eastern & African Stocks - Bloomberg:
Updated stock indexes in Europe, Middle East & Africa. Get an overview of major indexes, current values and stock market data in Europe, UK, Germany, Russia & more.
Updated stock indexes in Europe, Middle East & Africa. Get an overview of major indexes, current values and stock market data in Europe, UK, Germany, Russia & more.
Mideast Stocks: Major Gulf stocks gain ahead of OPEC+ meet | ZAWYA MENA Edition
Mideast Stocks: Major Gulf stocks gain ahead of OPEC+ meet | ZAWYA MENA Edition:
Major bourses in the Gulf traded higher on Thursday as investors shifted focus to an OPEC+ meeting later in the day on expectations the world's largest oil producers will agree to cut production.
Saudi Arabia's benchmark index added 0.7%, with Samba Financial Group 1090.SE up 3.4% and Al Rajhi Bank up 0.5%. Brent crude futures rose 2.9%, or 95 cents, to $33.79 a barrel by 0746 GMT.
Major oil producers including Saudi Arabia and Russia are likely to agree to cut production, but only if the United States joins the effort aimed at coping with the effect of the coronavirus on fuel demand, three OPEC+ sources told Reuters on Monday.
In Dubai, the index gained 1.9%, with Emaar Properties rising 2.6% and Emirates NBD Bank up 2.2%.
The Abu Dhabi index jumped 4.1%, boosted by a 7.5% surge in the UAE's largest lender First Abu Dhabi Bank.
The Qatari index rose 0.3%, helped by a 1.2% increase in Qatar Islamic Bank.
Major bourses in the Gulf traded higher on Thursday as investors shifted focus to an OPEC+ meeting later in the day on expectations the world's largest oil producers will agree to cut production.
Saudi Arabia's benchmark index added 0.7%, with Samba Financial Group 1090.SE up 3.4% and Al Rajhi Bank up 0.5%. Brent crude futures rose 2.9%, or 95 cents, to $33.79 a barrel by 0746 GMT.
Major oil producers including Saudi Arabia and Russia are likely to agree to cut production, but only if the United States joins the effort aimed at coping with the effect of the coronavirus on fuel demand, three OPEC+ sources told Reuters on Monday.
In Dubai, the index gained 1.9%, with Emaar Properties rising 2.6% and Emirates NBD Bank up 2.2%.
The Abu Dhabi index jumped 4.1%, boosted by a 7.5% surge in the UAE's largest lender First Abu Dhabi Bank.
The Qatari index rose 0.3%, helped by a 1.2% increase in Qatar Islamic Bank.
#SaudiArabia buys stakes worth $1 billion in European oil companies: WSJ - Reuters
Saudi Arabia buys stakes worth $1 billion in European oil companies: WSJ - Reuters:
Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), has accumulated stakes worth about $1 billion in four major European oil companies, the Wall Street Journal reported on Wednesday, citing people familiar with the matter.
The four companies are Norway's Equinor ASA, Anglo-Dutch energy company Royal Dutch Shell, France's Total SA and Italy's Eni SPA, according to the newspaper on.wsj.com/2USUBON.
The fund built a stake of about $200 million in Equinor in the days around a sharp rally in oil prices last week, the Journal reported, adding it could not learn the size of the stakes bought in the other three companies, but that the combined stakes were worth about $1 billion.
Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), has accumulated stakes worth about $1 billion in four major European oil companies, the Wall Street Journal reported on Wednesday, citing people familiar with the matter.
The four companies are Norway's Equinor ASA, Anglo-Dutch energy company Royal Dutch Shell, France's Total SA and Italy's Eni SPA, according to the newspaper on.wsj.com/2USUBON.
The fund built a stake of about $200 million in Equinor in the days around a sharp rally in oil prices last week, the Journal reported, adding it could not learn the size of the stakes bought in the other three companies, but that the combined stakes were worth about $1 billion.
#Dubai tells government agencies to slash spending, freeze hiring over coronavirus - Reuters
Dubai tells government agencies to slash spending, freeze hiring over coronavirus - Reuters:
Dubai’s department of finance has told all government agencies to slash capital expenditure by at least half, cut administrative and general expenses by at least 20% and halt new hiring until further notice, in response to the coronavirus outbreak, according to an official document seen by Reuters.
The department told all government agencies to postpone all construction projects that have not begun until further notice, and not to allow any spending increases for ongoing construction projects.
Dubai’s department of finance has told all government agencies to slash capital expenditure by at least half, cut administrative and general expenses by at least 20% and halt new hiring until further notice, in response to the coronavirus outbreak, according to an official document seen by Reuters.
The department told all government agencies to postpone all construction projects that have not begun until further notice, and not to allow any spending increases for ongoing construction projects.
Oil prices rise on optimism OPEC+ meeting will result in supply cut - Reuters
Oil prices rise on optimism OPEC+ meeting will result in supply cut - Reuters:
Oil prices rose on Thursday on expectations the world’s largest oil producers would agree to cut production at a meeting later in the day as the industry grapples with a coronavirus-driven collapse in global oil demand.
Brent crude LCOc1 futures rose by almost 2.6%, or 87 cents, to $33.71 a barrel as of 0701 GMT. The contract rose to an intra-day high of $33.90, climbing for a second day.
U.S. West Texas Intermediate (WTI) crude CLc1 futures were up 5%, or $1.27 cents, at $26.36 a barrel, after earlier climbing by as much as 6.1%.
The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia - a group known as OPEC+ - are set to convene a video conference meeting on Thursday.
Oil prices rose on Thursday on expectations the world’s largest oil producers would agree to cut production at a meeting later in the day as the industry grapples with a coronavirus-driven collapse in global oil demand.
Brent crude LCOc1 futures rose by almost 2.6%, or 87 cents, to $33.71 a barrel as of 0701 GMT. The contract rose to an intra-day high of $33.90, climbing for a second day.
U.S. West Texas Intermediate (WTI) crude CLc1 futures were up 5%, or $1.27 cents, at $26.36 a barrel, after earlier climbing by as much as 6.1%.
The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia - a group known as OPEC+ - are set to convene a video conference meeting on Thursday.