MENA Daily Fixed Income Report - 2 March

Transcription

1. Kuwait Financial Centre “Markaz” MENA Daily Fixed Income Report – 02 March 2017 News Update: GCC Bonds & Sukuk: Best and worst Performers (02 March 2017) Kuwait hires banks for investor meetings – The State of Kuwait Best daily Performers Daily change QNBK 4.4 11/18/19 0.55% has mandated Citigroup, HSBC and JP Morgan as global coordinators QNBK 4.3 11/17/19 0.54% for fixed income investor meetings commencing March 6. In addition, ADCBUH 0 02/03/20 0.22% Deutsche Bank, NBK Capital and Standard Chartered, together with Best YTD Performers YTD change the joint global coordinators, are mandated as joint lead managers AABAR 1 03/27/22 9.96% DUGB 5 1/4 01/30/43 6.95% and joint bookrunners. A debut senior unsecured US dollar AABAR 0 1/2 03/27/20 6.26% benchmark bond offering across 5 and 10 year maturities will follow. Source: Bloomberg The meetings will take place from March 6-10 in London, New York, Bonds & Sukuk Indices (02 March 2017) Boston and Los Angeles. Fitch Rates Kuwait's Upcoming Global Medium-Term Notes 'AA(EXP)' - Fitch Ratings has assigned Kuwait's senior unsecured notes to be issued under the country's upcoming global medium-term note programme an expected rating of 'AA(EXP)'. The assignment of the final rating is contingent on the receipt of final documents conforming to information already received. The rating is in line with Kuwait's Long-Term Foreign-Currency Issuer Default Rating (IDR), which was affirmed at 'AA' with a Stable Outlook on 10 November 2016. Bank Muscat Gets CMA Approval for Islamic Unit Sukuk Progr am – Capital Market Authority of Oman gives initial approval to Meethaq Islamic Banking for 100m rial program, according to a statement posted on the Muscat bourse. Bank of Sharjah Gets $1.6b in Bids for $500m Bond – Bank of Sharjah gets Final book of about $1.6 billion from 120 investors in Bids for $500m Bond. The geography being 54% MENA, 18% ASIA, 17% UK and 11% Rest of Europe. The investor types mainly comprised of Banks 44% and AMs/Funds 37%. Daily change CBIUH 6 1/2 PERP ADCBUH 3.73 06/07/21 HSBC 4.55 07/17/29 -1.25% -0.43% -0.25% Worst YTD Performers YTD change NBADUH 4.44 07/26/21 BKSBOM 4 1/2 04/29/18 HSBC 0 07/08/20 -8.24% -3.81% -2.93% Index Name S&P MENA Bond and Sukuk Index S&P MENA Bond Index S&P MENA Sukuk Index Bloomberg Global Developed Sovereign Bond Index Bloomberg Global Investment Grade Corporate Bond Index Bloomberg Global High Yield Corporate Bond Index Bloomberg USD Emerging Market Composite Bond Index Bloomberg US Treasury Bond Index Price 116.650 117.630 114.410 108.912 124.907 165.036 159.854 124.258 Dow Jones Sukuk Index 3 Month YTD∆ 1-Day ∆ -0.21% -0.23% -0.15% -1.18% -0.74% 0.07% -0.24% -0.63% 102.500 Interbank Rates (%) Yield 3.25% 3.31% 3.05% 0.95% 2.53% 5.59% 4.81% 1.96% 1.57% 1.78% 0.93% 0.47% 0.79% 3.06% 2.77% 0.10% -0.17% 0.90% 6 Month 12 Month SAIBOR KIBOR BHIBOR QATAR AEIBOR SAIBOR LIBOR 02/03/2017 1.7775 1.4375 1.8000 1.8229 1.4059 2.0210 1.0640 31/12/2016 2.0350 1.4375 0.6500 1.7815 1.4757 2.0350 0.9979 02/03/2017 2.0175 1.7500 2.2000 2.1247 1.6427 2.1980 1.3749 31/12/16 2.2170 1.7500 2.2000 1.9650 1.7179 2.2170 1.3177 02/03/2017 2.2113 2.0625 2.5750 2.5608 2.1289 2.4080 1.7562 31/12/2016 2.4230 2.0625 2.6250 2.3636 2.0950 2.4230 1.6873 LIBOR EURIBOR JDIBOR TRLIBOR 0.8859 -0.3300 5.0630 11.2739 0.6127 -0.3190 4.5660 9.8990 1.2582 -0.2390 5.8940 11.5788 0.8462 -0.2210 5.3220 10.5683 1.5823 -0.1140 6.3810 11.9976 1.1780 -0.0810 5.8780 10.9240 Majid Al Futtaim Gets >$1.8b in Bids for $500m Bond – Majid U.S. Treasuries Current Al Futtaim gets final book of above $1.8 billion in Bids for $500m Yield Bond. The geography being 20% MENA, 21% ASIA, 42% UK, 14% (%) Rest of Europe and 3% others. The AMs/Funds accounted for 60% 1-Month 0.97 3-Month 0.62 where banks share was 28%. Qatar Airways to Lease Four A350 Jets From Latam for 6-12 Months - Qatar Air to lease planes to meet growing demand, operational plan for 2017, co. says in e-mailed statement. The first plane to begin service on March 2 on Doha-Munich route. Qatar Air has 15 A350s in its fleet, including the leased LatAm jets. Worst daily Performers Currencies 1-Day ∆ USD Swap rates 1-Day ∆ 1 Year (%) 6-Month 1-Year 2-Year 0.78 0.97 1.29 0.048 -0.003 0.003 0.048 -0.004 OMR 0.3059 3.7505 0.3770 3.6415 0.3850 0.0001 (0.0001) 0.0000 0.0000 0.0000 0.003% 0.043% -0.003% 0.000% 0.003% 3-Year 1.56 0.004 AED 3.6727 (0.0001) 0.014% 5-Year 1.99 -0.004 EGP 16.210 0.3871 12.035% 7-Year 10-Year 2.29 2.46 -0.023 -0.055 JOD 0.7120 1.0531 0.0023 (0.0016) -0.324% 0.133% KWD SAR BHD QAR EUR 2-Y 5-Y 10-Y 30-Y Last price 1-Day ∆ 1.637 2.093 2.428 2.678 0.01% 0.01% 0.01% 0.01% Sovereign Ratings Moody’s S&P Fitch Abu Aa2 AA AA Dhabi Bahrain Ba2 BB- BB+ Kuwait Aa2 AA AA Oman Baa1 BBB- NR Qatar Aa2 AA AA KSA A1 A- AA- UAE Aa2 NR NR Egypt B3 B- B Lebanon B2 B- B Turkey Baa3 BB+ BBB- Tunisia Ba3 NR B+ Morocco Ba1 BBB- BBBJordan B1 BB- NR China Aa3 AA- A+ UK Aa1 AA AA USA Aaa AA+ AAA USD 5-Year CDS YTD Change Abu Dhabi Dubai 43.220 -25.73 112.920 -22.38 Bahrain 209.510 -27.24 Qatar 62.590 -19.03 Saudi 93.120 -15.98 Egypt 312.540 -25.62 Lebanon 422.260 -8.89 Turkey 241.350 -11.00 Iran 28.543 -6.94 Morocco 133.770 -22.91 China 88.322 -23.78 France 53.622 51.81 Germany 19.530 -1.37 Japan 22.860 -20.23 UK 26.780 -7.79 US 21.400 -4.28 This report has been prepared and issued by Kuwait Financial Centre S.A.K (Markaz) , which is regulated by the Capital Markets Authority and the Central Bank of Kuwait. The report is owned by Markaz and is privileged and proprietary and is subject to copyrights. Sale of any copies of this report is strictly prohibited. This report cannot be quoted