Aramco IPO to shakeup Saudi market, long-term positive: Analysts

Thursday, 17 October 2019

The unprecedented size of the Saudi Aramco initial public offering (IPO) risks sucking the liquidity on the Saudi Stock Exchange (Tadawul), but will attract more capital to the Gulf’s largest market in the medium-term, analysts told Al Arabiya English. The energy giant’s first leg of its mega IPO could reach $10 to $40 billion, and is expected to debut on the Tadawul – a move that will shake up the local market, but prove to be positive in the long-term. Aramco is due to begin ...

Sukuk issuance remains steady for first nine months of 2019: Fitch

Thursday, 17 October 2019

Sukuk, or Islamic bonds, issued from major Islamic markets has remained unchanged for the first nine months of 2019, compared to 2018, Fitch Ratings said in a research note on Thursday.Sukuk issuance for the first nine months of the year with a maturity of more than 18 months from the Gulf Cooperation Council (GCC) countries, Malaysia, Indonesia, Turkey, and Pakistan totaled $30.6 billion, compared to $31 billion in the same period for 2018, the ratings agency added.Fitch said this suggests that ...

Dubai’s biggest bank Emirates NBD plans $1.76 bln rights issue

Thursday, 17 October 2019

Emirates NBD, Dubai’s largest bank, is planning a rights issue to raise up to 6.45 billion dirhams ($1.76 billion) as it eyes new expansions and aims to attract foreign investors. The bank plans to offer 758.8 million shares at AED 8.5 each from November 10 until November 20, the state-owned lender said in a statement on Thursday. “This represents a discount of 35.36 percent to the price of each of Emirates NBD’s shares on the Dubai Financial Market (DFM) at the close of ...

Emirate of Sharjah starts marketing 10-yr dollar sukuk: Document

Wednesday, 16 October 2019

Sharjah, the third-largest emirate of the United Arab Emirates, started marketing a 10-year dollar sukuk, or Islamic bonds, at around 185 basis points over midswaps, a document showed. HSBC is coordinating the transaction, which is expected to close later on Wednesday. The bonds are expected to be of benchmark size, which generally means upwards of $500 million. 

Turkey dollar bonds fall after military pushes into Syria

Wednesday, 9 October 2019

Turkey’s sovereign dollar bonds came under pressure on Wednesday after the country's military launched a cross border operation into Syria against Kurdish fighters. Longer-dated issues suffered the biggest declines, with the 2045 bond slipping 0.7 cents to a two week low, Tradeweb data showed.

Saudi developer Dar Al Arkan sells $600 mln in Islamic bonds

Wednesday, 9 October 2019

Saudi Arabian real estate developer Dar Al Arkan is set to raise $600 million through an issuance of sukuk, or Islamic bonds, a document issued by one of the banks leading the deal showed on Wednesday. The paper, which is due in 2025 and has attracted orders of more than $1.6 billion, offers investors a profit rate of 7 percent, according to the document, down from initial price guidance of 7.25 percent to 7.375 percent issued earlier on Wednesday. AlKhair Capital, Deutsche Bank, Dubai Islamic ...

Saudi stocks fall less than one percent after news of Aramco downgrade

Tuesday, 8 October 2019

Saudi Arabia’s benchmark Tadawul All Share Index (TASI) fell nearly 1 percent on Tuesday, following news of Saudi Aramco’s downgrade by Fitch Ratings. The materials index, on which petrochemical firms are listed, fell 0.95 percent. Saudi Basic Industries Corp. (SABIC), one of the world’s largest petrochemicals producers, was down 0.66 percent by midday trading. National Industrialization Co. (Takween) was down 0.76 percent. Banks were down 0.92 percent, as National Commercial ...

Hong Kong Exchange ends $39 bln bid for London Stock Exchange

Tuesday, 8 October 2019

Hong Kong Exchanges and Clearing (HKEX) Ltd on Tuesday withdrew its $39 billion offer to buy the London Stock Exchange Group (LSE), putting an end to a deal that could have created the world’s third-largest exchange group in terms of market cap. In a statement, Hong Kong’s bourse said it was unable to bring LSE’s management on board with its unsolicited approach, despite “a huge amount of work and discussions with a broad set of regulators and extensive shareholder ...

Egypt considers plan to cut stock exchange fees

Monday, 7 October 2019

Egypt is studying a plan to reduce trading fees and commissions to make the stock exchange more competitive, the deputy chairman of the Financial Regulatory Authority (FRA) said on Monday. Under the plan, which the FRA has yet to approve, trading service fees would fall to 0.005 percent from 0.00625 percent, clearing and settlement fees to 0.0100 percent from 0.0125 percent and stock market commissions to 0.0100 percent from 0.0120 percent, state news agency MENA quoted Khalid al-Nashar as ...

Lebanese cenbank chief says providing dollars to local markets

Monday, 7 October 2019

The head of Lebanon’s central bank said on Monday it is continuing to provide dollars to local financial markets, adding the country has “numerous possibilities” as it looks for assistance to curb a sharp loss of investor confidence. “We know there is a lot of noise about the monetary situation, however the capacities are available and we are continuing to secure dollars to the markets in Lebanon,” Banque du Liban Governor Riad Salameh, who is in the ...

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