Barclays, AGL Launch Private Credit Partnership Backed by ADIA - Bloomberg
Barclays Plc and AGL Credit Management have teamed up to make a push into the burgeoning $1.7 trillion private credit market with backing from the Abu Dhabi Investment Authority.
The two firms have entered into a cooperation agreement to originate private credit loans that will give AGL exclusive access to Barclays’ deal flow. AGL will have a first look on every deal Barclays originates that includes a private credit option but no obligation to participate.
“It’s going to make us a better lender,” AGL Chief Executive Peter Gleysteen said in a phone interview, arguing that having a direct line into Barclays’ origination pipeline will give his firm an advantage over rivals. “AGL will benefit from more information than other pure-play direct lenders and asset managers.”
ADIA, which has been an investor in AGL since the firm’s founding, has committed $1 billion to the new private credit vehicle, according to a person with knowledge of the matter. Including leverage, the fund will have over $2 billion of capital available to deploy, said the person, who asked not to be named discussing confidential deal terms.
Tuesday, 2 April 2024
WTI Oil Futures Hit $85 for First Time Since October as Market Tightens - Bloomberg
WTI Oil Futures Hit $85 for First Time Since October as Market Tightens - Bloomberg
US crude futures hit $85 a barrel in New York for the first time since October, as OPEC+ supply cuts underpin a steadily strengthening market.
West Texas Intermediate futures rose as much as 1.6%.
Production curbs by the Organization of Petroleum Exporting Countries and its allies — coupled with a robust outlook for consumption this year — have helped push prices higher. Conflict in the Middle East has also caused swaths of global shipping to divert around Africa to keep crews and cargo safe.
Nearby oil futures are trading at large premiums to those later for a later date, indicating strong demand for barrels for immediate delivery.
US crude futures hit $85 a barrel in New York for the first time since October, as OPEC+ supply cuts underpin a steadily strengthening market.
West Texas Intermediate futures rose as much as 1.6%.
Production curbs by the Organization of Petroleum Exporting Countries and its allies — coupled with a robust outlook for consumption this year — have helped push prices higher. Conflict in the Middle East has also caused swaths of global shipping to divert around Africa to keep crews and cargo safe.
Nearby oil futures are trading at large premiums to those later for a later date, indicating strong demand for barrels for immediate delivery.
Aramco awards $7.7 bln in contracts for Fadhili gas expansion | Reuters
Aramco awards $7.7 bln in contracts for Fadhili gas expansion | Reuters
Saudi Aramco has awarded $7.7 billion in contracts to expand its Fadhili gas plant's processing capacity to 4 billion standard cubic feet per day, the company said on Tuesday.
The plant currently has capacity to process 2.5 billion standard cubic feet per day. The expansion is expected to be completed by November 2027.
Aramco (2222.SE), opens new tab awarded engineering, procurement and construction contracts to South Korea's Samsung Engineering (028050.KS), opens new tab and GS Engineering & Construction Corporation (006360.KS), opens new tab as well as Nesma & Partners, in which Saudi sovereign fund PIF took a stake last year.
Saudi Aramco has awarded $7.7 billion in contracts to expand its Fadhili gas plant's processing capacity to 4 billion standard cubic feet per day, the company said on Tuesday.
The plant currently has capacity to process 2.5 billion standard cubic feet per day. The expansion is expected to be completed by November 2027.
Aramco (2222.SE), opens new tab awarded engineering, procurement and construction contracts to South Korea's Samsung Engineering (028050.KS), opens new tab and GS Engineering & Construction Corporation (006360.KS), opens new tab as well as Nesma & Partners, in which Saudi sovereign fund PIF took a stake last year.
Most Gulf markets rise on higher oil; Egypt slips | Reuters
Most Gulf markets rise on higher oil; Egypt slips | Reuters
Most stock markets in the Gulf rose on Tuesday, led by the Saudi index, as the expectation for higher oil demand in China and the U.S. boosted crude prices amid rising geopolitical tensions in the Middle East and Russia.
Saudi Arabia's benchmark stock index (.TASI), opens new tab was up for a second straight session and advanced 0.4%, supported by gains in finance, healthcare, materials and utilities sectors with Rajhi Bank (1120.SE), opens new tab, the world's largest Islamic lender, gaining 0.9%, and ACWA Power (2082.SE), opens new tab rising 1.4%.
Among other gainers, Saudi Basic Industries (2010.SE), opens new tab and Middle East Pharmaceutical Industries (4016.SE), opens new tab climbed 5.5% and 4.9%, respectively.
Dubai's benchmark index (.DFMGI), opens new tab rose for a fourth consecutive session and ended 0.1% higher, lifted by gains in real estate, consumer discretionary and finance sectors.
The blue-chip developer Emaar Properties (EMAR.DU), opens new tab climbed 2.5% and Tecom Group (TECOM.DU), opens new tab added 1.5%.
In Abu Dhabi, the benchmark index (.FTFADGI), opens new tab edged up 0.1%, helped by a 1.4% rise in Abu Dhabi Islamic Bank(ADIB.AD), opens new tab and a 3.8% increase in Presight AI Holding (PRESIGHT.AD), opens new tab while conglomerate Alpha Dhabi Holding (ALPHADHABI.AD), opens new tab slipped 1%.
The Qatari benchmark index (.QSI), opens new tab dropped 0.7%, dragged down by losses in finance, utilities, energy and communication sectors with Qatar Islamic Bank (QISB.QA), opens new tab falling 0.9% and Qatar National Bank(QNBK.QA), opens new tab, the region's largest lender, shedding 0.8%.
The Dow dropped six-tenths of a percent, the S&P 500 slid two-tenths and the Nasdaq ticked up one-tenth of a percent.
Among other losers, Commercial Bank (COMB.QA), opens new tab slumped 6.8% and closed at 4.56 riyal, its lowest in nearly three years, as the lender traded ex-dividend.
Oil prices - a catalyst for the Gulf's financial markets- climbed 1.3%, with Brent trading at $88.57 a barrel by 1256 GMT.
Oil supplies faced fresh threats from Ukranian attacks on Russian energy facilities and escalating conflict in the Middle East, while an expansion in March manufacturing activity in China and the U.S. offered a more optimistic demand outlook.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab declined 1.3%, with most sectors posting losses.
Commercial International Bank (COMI.CA), opens new tab and Talaat Mostafa Group(TMGH.CA), opens new tab slipped 2.4% and 1.9% respectively, while E-Finance for Digital(EFIH.CA), opens new tab dropped 4.5%.
Most stock markets in the Gulf rose on Tuesday, led by the Saudi index, as the expectation for higher oil demand in China and the U.S. boosted crude prices amid rising geopolitical tensions in the Middle East and Russia.
Saudi Arabia's benchmark stock index (.TASI), opens new tab was up for a second straight session and advanced 0.4%, supported by gains in finance, healthcare, materials and utilities sectors with Rajhi Bank (1120.SE), opens new tab, the world's largest Islamic lender, gaining 0.9%, and ACWA Power (2082.SE), opens new tab rising 1.4%.
Among other gainers, Saudi Basic Industries (2010.SE), opens new tab and Middle East Pharmaceutical Industries (4016.SE), opens new tab climbed 5.5% and 4.9%, respectively.
Dubai's benchmark index (.DFMGI), opens new tab rose for a fourth consecutive session and ended 0.1% higher, lifted by gains in real estate, consumer discretionary and finance sectors.
The blue-chip developer Emaar Properties (EMAR.DU), opens new tab climbed 2.5% and Tecom Group (TECOM.DU), opens new tab added 1.5%.
In Abu Dhabi, the benchmark index (.FTFADGI), opens new tab edged up 0.1%, helped by a 1.4% rise in Abu Dhabi Islamic Bank(ADIB.AD), opens new tab and a 3.8% increase in Presight AI Holding (PRESIGHT.AD), opens new tab while conglomerate Alpha Dhabi Holding (ALPHADHABI.AD), opens new tab slipped 1%.
The Qatari benchmark index (.QSI), opens new tab dropped 0.7%, dragged down by losses in finance, utilities, energy and communication sectors with Qatar Islamic Bank (QISB.QA), opens new tab falling 0.9% and Qatar National Bank(QNBK.QA), opens new tab, the region's largest lender, shedding 0.8%.
The Dow dropped six-tenths of a percent, the S&P 500 slid two-tenths and the Nasdaq ticked up one-tenth of a percent.
Among other losers, Commercial Bank (COMB.QA), opens new tab slumped 6.8% and closed at 4.56 riyal, its lowest in nearly three years, as the lender traded ex-dividend.
Oil prices - a catalyst for the Gulf's financial markets- climbed 1.3%, with Brent trading at $88.57 a barrel by 1256 GMT.
Oil supplies faced fresh threats from Ukranian attacks on Russian energy facilities and escalating conflict in the Middle East, while an expansion in March manufacturing activity in China and the U.S. offered a more optimistic demand outlook.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab declined 1.3%, with most sectors posting losses.
Commercial International Bank (COMI.CA), opens new tab and Talaat Mostafa Group(TMGH.CA), opens new tab slipped 2.4% and 1.9% respectively, while E-Finance for Digital(EFIH.CA), opens new tab dropped 4.5%.
Gulf markets up in early trade | Reuters
Gulf markets up in early trade | Reuters
Stock markets in the Gulf were up in early trade on Tuesday, as the expectation for higher oil demand in China and the U.S. amid rising geopolitical tensions in the Middle East boosted crude prices.
Saudi Arabia's benchmark stock index (.TASI), opens new tab advanced 0.2%, supported by gains in finance, healthcare, materials and energy sectors with Rajhi Bank (1120.SE), opens new tab, the world's largest Islamic lender, gaining 0.7% and Saudi National Bank (1180.SE), opens new tab, the kingdom's biggest lender, rising 1.1%.
Among other gainers, Saudi Basic Industries (2010.SE), opens new tab and Etihad Etisalat (7020.SE), opens new tab added 1.7% and 2.1%, respectively.
Dubai's benchmark stock index (.DFMGI), opens new tab edged up 0.2%, lifted by a 1.1% rise in blue-chip developer Emaar Properties (EMAR.DU), opens new tab and a 0.5% gain in Dubai Islamic Bank (DISB.DU), opens new tab.
The Qatari benchmark index (.QSI), opens new tab inched up 0.1% with Qatar Islamic Bank (QISB.QA), opens new tab gaining 0.5% and Qatar Navigation (QNNC.QA), opens new tab rising 3.5%.
However, Commercial Bank (COMB.QA), opens new tab and Qatar International Islamic Bank (QIIB.QA), opens new tab slipped 5.1% and 1.1%, respectively.
In Abu Dhabi, the benchmark stock index (.FTFADGI), opens new tab was little changed with conglomerate Alpha Dhabi Holding (ALPHADHABI.AD), opens new tab falling 0.8% and First Abu Dhabi Bank (FAB.AD), opens new tab shedding 0.6%, while Presight (PRESIGHT.AD), opens new tab rose 4.3% and ADNOC Drilling (ADNOCDRILL.AD), opens new tab gained 0.8%.
Oil prices - a catalyst for the Gulf's financial markets- climbed 1% with Brent trading at $88.3 a barrel by 0725 GMT.
Manufacturing activity in China and the U.S., the world's biggest oil consuming nations, expanded in March, offering a more optimistic demand outlook while growing concerns of a widening conflict in the Middle East could affect supply from the region.
Stock markets in the Gulf were up in early trade on Tuesday, as the expectation for higher oil demand in China and the U.S. amid rising geopolitical tensions in the Middle East boosted crude prices.
Saudi Arabia's benchmark stock index (.TASI), opens new tab advanced 0.2%, supported by gains in finance, healthcare, materials and energy sectors with Rajhi Bank (1120.SE), opens new tab, the world's largest Islamic lender, gaining 0.7% and Saudi National Bank (1180.SE), opens new tab, the kingdom's biggest lender, rising 1.1%.
Among other gainers, Saudi Basic Industries (2010.SE), opens new tab and Etihad Etisalat (7020.SE), opens new tab added 1.7% and 2.1%, respectively.
Dubai's benchmark stock index (.DFMGI), opens new tab edged up 0.2%, lifted by a 1.1% rise in blue-chip developer Emaar Properties (EMAR.DU), opens new tab and a 0.5% gain in Dubai Islamic Bank (DISB.DU), opens new tab.
The Qatari benchmark index (.QSI), opens new tab inched up 0.1% with Qatar Islamic Bank (QISB.QA), opens new tab gaining 0.5% and Qatar Navigation (QNNC.QA), opens new tab rising 3.5%.
However, Commercial Bank (COMB.QA), opens new tab and Qatar International Islamic Bank (QIIB.QA), opens new tab slipped 5.1% and 1.1%, respectively.
In Abu Dhabi, the benchmark stock index (.FTFADGI), opens new tab was little changed with conglomerate Alpha Dhabi Holding (ALPHADHABI.AD), opens new tab falling 0.8% and First Abu Dhabi Bank (FAB.AD), opens new tab shedding 0.6%, while Presight (PRESIGHT.AD), opens new tab rose 4.3% and ADNOC Drilling (ADNOCDRILL.AD), opens new tab gained 0.8%.
Oil prices - a catalyst for the Gulf's financial markets- climbed 1% with Brent trading at $88.3 a barrel by 0725 GMT.
Manufacturing activity in China and the U.S., the world's biggest oil consuming nations, expanded in March, offering a more optimistic demand outlook while growing concerns of a widening conflict in the Middle East could affect supply from the region.