China Picks UAE as Mideast Vaccine Hub to Make Millions of Doses - Bloomberg
China is partnering with the United Arab Emirates to make millions of doses of its state-backed Sinopharm vaccine, in a deal that takes manufacturing of the shot overseas for the first time and deepens Beijing’s influence in the Middle East.
A newly-created joint venture between Sinopharm CNBG and Abu Dhabi-based G42 aims to produce up to 200 million doses annually at a new plant that will become operational this year, the companies said in a statement. Production on a smaller scale has already started at an existing Gulf Pharmaceutical Industries PSC plant with a capacity of 2 million doses per month.
With the accord, the UAE becomes the first nation in the U.S-allied Gulf to set up a coronavirus vaccine production facility, boosting its efforts to become a supply hub to the Middle East and beyond. G42, which describes itself as an artificial intelligence and cloud computing firm, had helped roll out trials of the Sinopharm vaccine in the country last year.
The UAE has since overseen one of the world’s fastest inoculation drives, with most people having received the Chinese vaccine. The locally-made vaccine will be called Hayat-Vax -- Hayat being the Arabic word for life -- and is the same as the Sinopharm shot that was approved in the UAE last year.
Sunday, 28 March 2021
Mideast Equities Rise as Traders Weigh Volatility: Inside EM - Bloomberg
Mideast Equities Rise as Traders Weigh Volatility: Inside EM - Bloomberg
Most equities markets in the Middle East climbed on Sunday as investors weighed volatility in the oil markets as the Suez Canal remains blocked by a container ship.
Gauges in Oman, Bahrain, Dubai, Abu Dhabi, Saudi Arabia and Qatar gained while Kuwait’s and Egypt’s indexes slipped. The volume of shares traded was below average in most exchanges.
Tugs working to refloat the Ever Given vessel in the Suez Canal managed to shift the stricken container ship 29 meters (95 feet) on Saturday, but it could take at least another couple of days of dredging before enough mud and sand is cleared to attempt a refloat on a high tide, the ship’s charterer said.
While moving shipping routes to around Africa “means multi-day trade flow disruptions and expenses, it would hopefully also mean that global trade could adapt” in coming weeks if the Ever Given still hasn’t been moved, Simon Quijano-Evans, chief economist at London-based Gemcorp Capital, wrote in a note to clients.
On the oil front, Brent crude just barely eked out a gain last week to finish at $64.57 a barrel after several days of high volatility, snapping two weeks of declines.
Also impacting sentiment was a decline for emerging-market shares, with a global benchmark posting the biggest weekly drop this month as resurgent virus outbreaks and concern over rising interest rates curbed risk appetite.
MIDDLE EASTERN MARKETS:
Most equities markets in the Middle East climbed on Sunday as investors weighed volatility in the oil markets as the Suez Canal remains blocked by a container ship.
Gauges in Oman, Bahrain, Dubai, Abu Dhabi, Saudi Arabia and Qatar gained while Kuwait’s and Egypt’s indexes slipped. The volume of shares traded was below average in most exchanges.
Tugs working to refloat the Ever Given vessel in the Suez Canal managed to shift the stricken container ship 29 meters (95 feet) on Saturday, but it could take at least another couple of days of dredging before enough mud and sand is cleared to attempt a refloat on a high tide, the ship’s charterer said.
While moving shipping routes to around Africa “means multi-day trade flow disruptions and expenses, it would hopefully also mean that global trade could adapt” in coming weeks if the Ever Given still hasn’t been moved, Simon Quijano-Evans, chief economist at London-based Gemcorp Capital, wrote in a note to clients.
On the oil front, Brent crude just barely eked out a gain last week to finish at $64.57 a barrel after several days of high volatility, snapping two weeks of declines.
Also impacting sentiment was a decline for emerging-market shares, with a global benchmark posting the biggest weekly drop this month as resurgent virus outbreaks and concern over rising interest rates curbed risk appetite.
- Saudi Telecom rose as much as 2.4% after its board proposed to pay an additional dividend of 1 riyal/share for 2020, bringing the total to 5 riyals/share for the year
- In the United Arab Emirates, Abu Dhabi Commercial Bank and First Abu Dhabi Bank finished 0.2% and 1.2% lower, respectively
- S&P Global Ratings raised the outlook for ADCB’s A rating to stable from negative, and increased the outlook for FAB’s AA- to stable from negative
- Industries Qatar gained 1.4%, the most in over a week and boosting the 0.2% increase for the QE Index
- EFG-Hermes increased the company’s price target last week on the back of higher price estimates for all three product divisions
- Israel’s exchange is closed due to a holiday
Major Gulf markets gain as Suez Canal jam continues
Major Gulf markets gain as Suez Canal jam continues | 路透
Major stock markets in the Gulf ended higher on Sunday, as investors shrugged off the Suez Canal jam on hopes for a global economic recovery.
Oil prices, a key catalyst for the Gulf region’s financial shares, rose more than 4% on Friday on worries global supplies of crude and refined products could be disrupted for weeks as workers try to dislodge the vessel blocking the Suez Canal.
Suez Canal salvage teams were alternating between dredging and tugging on Sunday to dislodge a massive container ship blocking the busy waterway, while two sources said efforts had been complicated by rock under the ship’s bow.
Saudi Arabia’s benchmark index advanced 0.7%, with petrochemical maker Saudi Basic Industries climbing 1.9% and Saudi Telecom Company closing 2.3% higher.
Ratings agency S&P Global last week affirmed Saudi Arabia’s ‘A-/A-2’ ratings with a stable outlook, forecasting that its economy will return to positive growth in 2021.
But food wholesaler Abdullah Al Othaim Markets retreated 3% as it went ex-dividend.
In Dubai, the main share index finished 0.2% higher, driven by a 0.9% increase in its largest lender Emirates NBD and a 2.7% rise in DAMAC Properties.
Elsewhere, Gulf Navigation, maritime and shipping firm, gained over 2%.
The Abu Dhabi index added 0.5%, boosted by a 14.5% surge in International Holding Company.
The firm has gone through rapid expansion across its major business sectors, resulting in a sharp growth in its financials and positioning it for long-term growth.
So far this year, International Holding has risen over 40%.
In Qatar, the benchmark increased 0.2%, led by a 1.4% rise in petrochemical firm Industries Qatar.
However, the index’s gains were capped by losses at other blue-chip shares including Qatar Navigation, a top Doha-based shipping and logistics group, which eased 0.4%.
Qatar tightened COVID-19 restrictions on Thursday, ordering the closure of leisure centres, gyms and swimming pools and for shopping malls to operate at a reduced capacity of 30%, while cinemas would run at 20% capacity.
Major stock markets in the Gulf ended higher on Sunday, as investors shrugged off the Suez Canal jam on hopes for a global economic recovery.
Oil prices, a key catalyst for the Gulf region’s financial shares, rose more than 4% on Friday on worries global supplies of crude and refined products could be disrupted for weeks as workers try to dislodge the vessel blocking the Suez Canal.
Suez Canal salvage teams were alternating between dredging and tugging on Sunday to dislodge a massive container ship blocking the busy waterway, while two sources said efforts had been complicated by rock under the ship’s bow.
Saudi Arabia’s benchmark index advanced 0.7%, with petrochemical maker Saudi Basic Industries climbing 1.9% and Saudi Telecom Company closing 2.3% higher.
Ratings agency S&P Global last week affirmed Saudi Arabia’s ‘A-/A-2’ ratings with a stable outlook, forecasting that its economy will return to positive growth in 2021.
But food wholesaler Abdullah Al Othaim Markets retreated 3% as it went ex-dividend.
In Dubai, the main share index finished 0.2% higher, driven by a 0.9% increase in its largest lender Emirates NBD and a 2.7% rise in DAMAC Properties.
Elsewhere, Gulf Navigation, maritime and shipping firm, gained over 2%.
The Abu Dhabi index added 0.5%, boosted by a 14.5% surge in International Holding Company.
The firm has gone through rapid expansion across its major business sectors, resulting in a sharp growth in its financials and positioning it for long-term growth.
So far this year, International Holding has risen over 40%.
In Qatar, the benchmark increased 0.2%, led by a 1.4% rise in petrochemical firm Industries Qatar.
However, the index’s gains were capped by losses at other blue-chip shares including Qatar Navigation, a top Doha-based shipping and logistics group, which eased 0.4%.
Qatar tightened COVID-19 restrictions on Thursday, ordering the closure of leisure centres, gyms and swimming pools and for shopping malls to operate at a reduced capacity of 30%, while cinemas would run at 20% capacity.
#SaudiArabia: $3.5bn fraud case set to define crown prince’s anti-graft campaign | Financial Times
Saudi Arabia: $3.5bn fraud case set to define crown prince’s anti-graft campaign | Financial Times
Once one of the most powerful security officials in Saudi Arabia, Saad al-Jabri was feted by western powers. He was integral to multibillion-dollar counter-terrorism efforts and advised senior members of the Saudi royal family before falling foul of Crown Prince Mohammed bin Salman’s rise to power and going into exile in 2017. He would later accuse the prince of sending a hit squad to Canada to kill him, an allegation with echoes of the 2018 murder of the journalist Jamal Khashoggi in Istanbul.
But in the latest twist of a bitter dispute that goes to the heart of Saudi power, al-Jabri is the one who now stands accused. In January, 10 companies owned by the Public Investment Fund, the sovereign wealth fund that Prince Mohammed chairs, filed a civil lawsuit in Canada accusing the former interior ministry official of masterminding a $3.5bn fraud using front companies that were established more than a decade ago as cover for Saudi Arabia’s covert counter-terrorism operations. The Ontario court issued a worldwide freeze on al-Jabri’s assets. In March, it rejected an attempt to have the order lifted.
Supporters of the crown prince insist the case is part of a broader anti-corruption campaign designed to break down systems of patronage. Others view it as a blatant effort to silence someone who knows many of the kingdom’s deepest secrets.
It is a struggle that goes to the heart of Prince Mohammed’s brash and autocratic rule. To his loyalists, the anti-corruption drive, backed by his father, King Salman, is necessary to cleanse a rotten system and fulfil the crown prince’s pledge to modernise an economy addicted to state petrodollars and riddled with patronage networks. To others, the dispute with al-Jabri epitomises the young royal’s ruthless pursuit of rivals and perceived opponents as hundreds of Saudis, including princes, businessmen and civil servants, have been detained.
#Dubai stocks claim back investors | Markets – Gulf News
Dubai stocks claim back investors | Markets – Gulf News
Dubai stocks rebounded after five days of trading in the red with key property stocks supporting the rally, while other GCC markets moved little in the absence of a clear direction to the investors.
Dubai Financial Market traded 0.3 per cent higher at 2,503 points, bottoming out from a series of five-day losses. Real estate shares led the way with DAMAC Properties topping the list of gainers and Emaar Properties eking out 0.3 per cent.
The rally comes after recent back-to-back selloffs turned the stock valuations more attractive for buyers. The index dropped in every session of the last week forming the longest stretch of downward trends seen this year, which was set off by reports of various countries reintroducing the virus lockdowns in their pursuit to fight the resurgence of the pandemic.
Dubai stocks rebounded after five days of trading in the red with key property stocks supporting the rally, while other GCC markets moved little in the absence of a clear direction to the investors.
Dubai Financial Market traded 0.3 per cent higher at 2,503 points, bottoming out from a series of five-day losses. Real estate shares led the way with DAMAC Properties topping the list of gainers and Emaar Properties eking out 0.3 per cent.
The rally comes after recent back-to-back selloffs turned the stock valuations more attractive for buyers. The index dropped in every session of the last week forming the longest stretch of downward trends seen this year, which was set off by reports of various countries reintroducing the virus lockdowns in their pursuit to fight the resurgence of the pandemic.
Mubadala to invest in Germany’s ophthalmic lens manufacturer Rodenstock | The National
Mubadala to invest in Germany’s ophthalmic lens manufacturer Rodenstock | The National
Mubadala Investment Company is investing in Germany’s Rodenstock Group, a premium ophthalmic lenses manufacturer, as it continues to expand its global medical technology and life sciences portfolio.
Abu Dhabi's strategic investment arm will take a minority stake in Rodenstock along with funds advised by British equity firm Apax Partners, the company said in a statement on Sunday. It did not disclose the size of the stake or financial details of the deal.
The transaction is subject to regulatory approvals and is expected to close in the middle of 2021, Mubadala said.
Rodenstock has a "reputation for innovation and a consistent focus on offering a differentiated customer proposition”, Camilla Macapili Languille, head of life sciences at Mubadala, said.
“We see its highly customised biometric lenses as only one part of its growing pipeline of proprietary technologies that will enable significant future growth.”
Mubadala Investment Company is investing in Germany’s Rodenstock Group, a premium ophthalmic lenses manufacturer, as it continues to expand its global medical technology and life sciences portfolio.
Abu Dhabi's strategic investment arm will take a minority stake in Rodenstock along with funds advised by British equity firm Apax Partners, the company said in a statement on Sunday. It did not disclose the size of the stake or financial details of the deal.
The transaction is subject to regulatory approvals and is expected to close in the middle of 2021, Mubadala said.
Rodenstock has a "reputation for innovation and a consistent focus on offering a differentiated customer proposition”, Camilla Macapili Languille, head of life sciences at Mubadala, said.
“We see its highly customised biometric lenses as only one part of its growing pipeline of proprietary technologies that will enable significant future growth.”
China Signs 25-Year Deal With #Iran in Challenge to the U.S. - Bloomberg
China Signs 25-Year Deal With Iran in Challenge to the U.S. - Bloomberg
China and Iran signed an overarching deal aimed at charting the course of their economic, political and trade relations over the next 25 years.
Beijing plans to invest in Iran while buying oil from the Islamic Republic, further straining its relationship with the U.S. which has already been frayed by China’s imports of covertly-shipped Iranian crude.
The “Comprehensive Strategic Partnership” agreement, signed in Tehran on Saturday by Iranian Foreign Minister Mohammad Javad Zarif and his Chinese counterpart, Wang Yi, has been in the works since 2016, when President Xi Jinping became the first Chinese leader to visit the Iranian capital in over a decade.
The latest alliance between Beijing and Tehran is a challenge to U.S. President Joe Biden’s administration as it sets about trying to rally allies against China, which Secretary of State Antony Blinken has said is the world’s “greatest geopolitical test.”
China and Iran signed an overarching deal aimed at charting the course of their economic, political and trade relations over the next 25 years.
Beijing plans to invest in Iran while buying oil from the Islamic Republic, further straining its relationship with the U.S. which has already been frayed by China’s imports of covertly-shipped Iranian crude.
The “Comprehensive Strategic Partnership” agreement, signed in Tehran on Saturday by Iranian Foreign Minister Mohammad Javad Zarif and his Chinese counterpart, Wang Yi, has been in the works since 2016, when President Xi Jinping became the first Chinese leader to visit the Iranian capital in over a decade.
The latest alliance between Beijing and Tehran is a challenge to U.S. President Joe Biden’s administration as it sets about trying to rally allies against China, which Secretary of State Antony Blinken has said is the world’s “greatest geopolitical test.”
China, Russia, #SaudiArabia Make Foreign Policy a Sordid Business - Bloomberg
China, Russia, Saudi Arabia Make Foreign Policy a Sordid Business - Bloomberg
Would you sit down to dinner with a mobster? We know Frank Sinatra did, but that was different. Most of us have scruples about mingling with crooks.
Nations are different, however. Our political leaders are obliged to rub shoulders with people who kill people, or at least order them to be killed — think of the evidence pointing to Russia’s Vladimir Putin. All nations make daily compromises, devil’s bargains, in the interests of commerce. The global system would lurch to a halt if everybody who buys stuff from a given state, or sells to it, required a certificate of moral probity.
The West faces special dilemmas today, however, as abuses of human rights become ever more blatant in many countries. The irresistible advance of liberal democracy, rashly prophesied by Francis Fukuyama a generation ago in his influential but mistaken treatise, “The End of History,” has been overtaken by an apparently relentless ascent of tyranny.
Meanwhile in Washington, a new administration has taken office with a pledge to replace the morality-free presidency of Donald Trump with a commitment to American values — freedom, justice, decency — both at home and abroad. The “woke” movement, which is exerting formidable influence globally and especially in the U.S., seeks to seize ethical high ground. Young Westerners assess many issues, both those of the now and the past, through prisms of race or gender. In truth, alas, human history is mostly a narrative of the strong oppressing the weak, heedless of sex or skin color.
Would you sit down to dinner with a mobster? We know Frank Sinatra did, but that was different. Most of us have scruples about mingling with crooks.
Nations are different, however. Our political leaders are obliged to rub shoulders with people who kill people, or at least order them to be killed — think of the evidence pointing to Russia’s Vladimir Putin. All nations make daily compromises, devil’s bargains, in the interests of commerce. The global system would lurch to a halt if everybody who buys stuff from a given state, or sells to it, required a certificate of moral probity.
The West faces special dilemmas today, however, as abuses of human rights become ever more blatant in many countries. The irresistible advance of liberal democracy, rashly prophesied by Francis Fukuyama a generation ago in his influential but mistaken treatise, “The End of History,” has been overtaken by an apparently relentless ascent of tyranny.
Meanwhile in Washington, a new administration has taken office with a pledge to replace the morality-free presidency of Donald Trump with a commitment to American values — freedom, justice, decency — both at home and abroad. The “woke” movement, which is exerting formidable influence globally and especially in the U.S., seeks to seize ethical high ground. Young Westerners assess many issues, both those of the now and the past, through prisms of race or gender. In truth, alas, human history is mostly a narrative of the strong oppressing the weak, heedless of sex or skin color.
Mideast Equities Rise as Traders Weigh Volatility: Inside EM - Bloomberg
Mideast Equities Rise as Traders Weigh Volatility: Inside EM - Bloomberg
Most equities markets in the Middle East climbed on Sunday as investors weighed volatility in the oil markets as the Suez Canal remains blocked by a container ship.
Gauges in Oman, Bahrain, Dubai, Abu Dhabi, Saudi Arabia and Qatar gained while Kuwait’s index slipped. The volume of shares traded was below average in most exchanges.
Tugs working to refloat the Ever Given vessel in the Suez Canal managed to shift the stricken container ship 29 meters (95 feet) on Saturday, but it could take at least another couple of days of dredging before enough mud and sand is cleared to attempt a refloat on a high tide, the ship’s charterer said.
While moving shipping routes to around Africa “means multi-day trade flow disruptions and expenses, it would hopefully also mean that global trade could adapt” in coming weeks if the Ever Given still hasn’t been moved, Simon Quijano-Evans, chief economist at London-based Gemcorp Capital, wrote in a note to clients.
On the oil front, Brent crude just barely eked out a gain last week to finish at $64.57 a barrel after several days of high volatility, snapping two weeks of declines.
Also impacting sentiment was a decline for emerging-market shares, with a global benchmark posting the biggest weekly drop this month as resurgent virus outbreaks and concern over rising interest rates curbed risk appetite.
MIDDLE EASTERN MARKETS:
Most equities markets in the Middle East climbed on Sunday as investors weighed volatility in the oil markets as the Suez Canal remains blocked by a container ship.
Gauges in Oman, Bahrain, Dubai, Abu Dhabi, Saudi Arabia and Qatar gained while Kuwait’s index slipped. The volume of shares traded was below average in most exchanges.
Tugs working to refloat the Ever Given vessel in the Suez Canal managed to shift the stricken container ship 29 meters (95 feet) on Saturday, but it could take at least another couple of days of dredging before enough mud and sand is cleared to attempt a refloat on a high tide, the ship’s charterer said.
While moving shipping routes to around Africa “means multi-day trade flow disruptions and expenses, it would hopefully also mean that global trade could adapt” in coming weeks if the Ever Given still hasn’t been moved, Simon Quijano-Evans, chief economist at London-based Gemcorp Capital, wrote in a note to clients.
On the oil front, Brent crude just barely eked out a gain last week to finish at $64.57 a barrel after several days of high volatility, snapping two weeks of declines.
Also impacting sentiment was a decline for emerging-market shares, with a global benchmark posting the biggest weekly drop this month as resurgent virus outbreaks and concern over rising interest rates curbed risk appetite.
- Saudi Telecom rose as much as 2.4% after its board proposed to pay an additional dividend of 1 riyal/share for 2020, bringing the total to 5 riyals/share for the year
- In the United Arab Emirates, Abu Dhabi Commercial Bank and First Abu Dhabi Bank fell 0.3% and 0.8%, respectively, as of noon
- S&P Global Ratings raised the outlook for ADCB’s A rating to stable from negative, and increased the outlook for FAB’s AA- to stable from negative
- Industries Qatar gained 0.8%, boosting the 0.2% increase for the QE Index
- EFG-Hermes increased the company’s price target last week on the back of higher price estimates for all three product divisions
- Israel’s exchange is closed due to a holiday
#AbuDhabi Wants To Revolutionize How the Middle East Sells Oil - Bloomberg
Abu Dhabi Wants To Revolutionize How the Middle East Sells Oil - Bloomberg
Tucked between the Gulf of Oman and a craggy mountain range, the dusty port Fujairah isn’t an obvious base from which to try and revolutionize the Middle East’s oil markets.
But on Monday, when Abu Dhabi begins selling futures contracts for its oil and then shipping the barrels from Fujairah, it will mark an aggressive shift by the emirate. It hopes to change the way nearly one-fifth of the world’s crude is priced.
Persian Gulf states pump nearly 20 million barrels of oil a day and Abu Dhabi wants the futures for its flagship Murban grade to become the region’s main benchmark.
The Gulf’s biggest producers -- including Saudi Arabia, Iraq and the United Arab Emirates, of which Abu Dhabi is the capital -- have traditionally priced their barrels based on benchmarks from other regions. They’ve mostly sold their crude directly to refiners or international companies with stakes in their fields. Crucially, they’ve prevented those customers from re-selling the oil and benefiting from arbitrage opportunities that exist in global energy markets.
Now, Abu Dhabi’s removing those curbs with the aim of opening up its oil to financial as well as physical traders. Investors globally are clamoring for commodities because of their high yields relative to other assets and to protect themselves against any rise in inflation.
Once sold on an exchange, Murban will be sent by pipeline to Fujairah, where Abu Dhabi’s desert fields physically connect with global markets.
“If successful -- and I think the chances are good -- Murban futures could be a pivotal moment for Middle East crude pricing,” said Vandana Hari, founder of Singapore-based oil consultancy Vanda Insights. If “a sizable chunk of Middle Eastern crude trades freely in the spot market,” that could push other regional producers to follow Abu Dhabi’s lead, she said.
Tucked between the Gulf of Oman and a craggy mountain range, the dusty port Fujairah isn’t an obvious base from which to try and revolutionize the Middle East’s oil markets.
But on Monday, when Abu Dhabi begins selling futures contracts for its oil and then shipping the barrels from Fujairah, it will mark an aggressive shift by the emirate. It hopes to change the way nearly one-fifth of the world’s crude is priced.
Persian Gulf states pump nearly 20 million barrels of oil a day and Abu Dhabi wants the futures for its flagship Murban grade to become the region’s main benchmark.
Now, Abu Dhabi’s removing those curbs with the aim of opening up its oil to financial as well as physical traders. Investors globally are clamoring for commodities because of their high yields relative to other assets and to protect themselves against any rise in inflation.
Once sold on an exchange, Murban will be sent by pipeline to Fujairah, where Abu Dhabi’s desert fields physically connect with global markets.
“If successful -- and I think the chances are good -- Murban futures could be a pivotal moment for Middle East crude pricing,” said Vandana Hari, founder of Singapore-based oil consultancy Vanda Insights. If “a sizable chunk of Middle Eastern crude trades freely in the spot market,” that could push other regional producers to follow Abu Dhabi’s lead, she said.
Doha Bank closes $500mln bond issuance with yield at 2.431% | ZAWYA MENA Edition
Doha Bank closes $500mln bond issuance with yield at 2.431% | ZAWYA MENA Edition
Qatar-based Doha Bank said it completed last week a $500 million 5-year senior unsecured bond at a yield of 2.431 percent per annum, which is equivalent to a credit spread of 150 basis points over 5-year mid-swap rate.
The transaction was executed under the bank’s $2 billion Euro Medium Term Note (EMTN) Issuance Program which is listed on London Stock Exchange, the lender said in a bourse filing Sunday.
Investor demand was strong and the orderbook peaked at $1.1 billion, representing slightly more than 2 times oversubscription. The investor base was diversified geographically with, 48 percent of the bond issuance being allocated to the United Kingdom, 35 percent to the Middle East, 13 percent to Europe, and 4 percent to Asia.
The transaction was led by ING as sole global coordinator and joint lead manager and Barclays, Credit Suisse, Deutsche Bank, J.P. Morgan, Mizuho Securities, MUFG and QNB Capital as joint lead managers.
Qatar-based Doha Bank said it completed last week a $500 million 5-year senior unsecured bond at a yield of 2.431 percent per annum, which is equivalent to a credit spread of 150 basis points over 5-year mid-swap rate.
The transaction was executed under the bank’s $2 billion Euro Medium Term Note (EMTN) Issuance Program which is listed on London Stock Exchange, the lender said in a bourse filing Sunday.
Investor demand was strong and the orderbook peaked at $1.1 billion, representing slightly more than 2 times oversubscription. The investor base was diversified geographically with, 48 percent of the bond issuance being allocated to the United Kingdom, 35 percent to the Middle East, 13 percent to Europe, and 4 percent to Asia.
The transaction was led by ING as sole global coordinator and joint lead manager and Barclays, Credit Suisse, Deutsche Bank, J.P. Morgan, Mizuho Securities, MUFG and QNB Capital as joint lead managers.
Mideast Stocks: Major Gulf markets gain in early trade | ZAWYA MENA Edition
Mideast Stocks: Major Gulf markets gain in early trade | ZAWYA MENA Edition
Most major stocks in the Gulf gained in early trade on Sunday, as hopes for a global economic recovery overshadowed the continued blockage of one of the world's most vital shipping lanes by a giant container ship.
Oil prices, a key catalyst for the Gulf region's financial shares, rose more than 4% on Friday on worries global supplies of crude and refined products could be disrupted for weeks as workers try to dislodge the vessel blocking the Suez Canal.
Their efforts have allowed the stern and rudder to move, but it remains unclear when the container will be refloated, the head of the canal authority said on Saturday.
Saudi Arabia's benchmark index gained 0.2%, with petrochemical maker Saudi Basic Industries advancing 1.9%, while National Commercial Bank, the kingdom's largest lender, was up 0.5%.
Ratings agency S&P Global last week affirmed Saudi Arabia's 'A-/A-2' ratings with a stable outlook, forecasting that Saudi economy is to return to positive growth in 2021.
In Dubai, the main share index rose 0.4%, supported by a 0.9% increase in top lender Emirates NBD and a 3.6% jump in DAMAC Properties.
The Qatari index added 0.2%, with petrochemical firm Industries Qatar rising 0.8%.
Qatar tightened COVID-19 restrictions on Thursday, ordering the closure of leisure centres, gyms and swimming pools and for shopping malls to operate at a reduced capacity of 30%, while cinemas would run at 20% capacity.
However, Qatar Navigation, a top Doha-based shipping and logistics group, eased 0.4%.
Most major stocks in the Gulf gained in early trade on Sunday, as hopes for a global economic recovery overshadowed the continued blockage of one of the world's most vital shipping lanes by a giant container ship.
Oil prices, a key catalyst for the Gulf region's financial shares, rose more than 4% on Friday on worries global supplies of crude and refined products could be disrupted for weeks as workers try to dislodge the vessel blocking the Suez Canal.
Their efforts have allowed the stern and rudder to move, but it remains unclear when the container will be refloated, the head of the canal authority said on Saturday.
Saudi Arabia's benchmark index gained 0.2%, with petrochemical maker Saudi Basic Industries advancing 1.9%, while National Commercial Bank, the kingdom's largest lender, was up 0.5%.
Ratings agency S&P Global last week affirmed Saudi Arabia's 'A-/A-2' ratings with a stable outlook, forecasting that Saudi economy is to return to positive growth in 2021.
In Dubai, the main share index rose 0.4%, supported by a 0.9% increase in top lender Emirates NBD and a 3.6% jump in DAMAC Properties.
The Qatari index added 0.2%, with petrochemical firm Industries Qatar rising 0.8%.
Qatar tightened COVID-19 restrictions on Thursday, ordering the closure of leisure centres, gyms and swimming pools and for shopping malls to operate at a reduced capacity of 30%, while cinemas would run at 20% capacity.
However, Qatar Navigation, a top Doha-based shipping and logistics group, eased 0.4%.
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