Saudi Arabia made its biggest bond sale since 2017 yesterday,raising USD 12bn, according to a statement from the National Debt Management Center. The issuance was 2.5x oversubscribed and the kingdom received orders totalling USD 30 bn.

Why did Saudi Arabia tap the debt market? With oil prices trading lower relative to the budget needs of the country — whose economy relies heavily on oil — it needed to tap another funding source to back its ambitious projects pushed by Crown Prince Mohammed bin Salman, Bloomberg wrote. Last week, Saudi Arabia estimated its funding needs for 2024 at roughly SAR 86 bn (USD 23 bn), its annual borrowing plan (pdf) showed.

ALSO WORTH MENTIONING-

Eurozone unemployment slips back to record low: Unemployment in the eurozonefell back to 6.4% in November from 6.5% the month before — a drop that could complicate widely expected rate cuts by the European Central Bank as wage growth could elevate prices. (Financial Times)

EGX30

25,590

+1.0% (YTD: +2.8%)

USD (CBE)

Buy 30.83

Sell 30.96

USD at CIB

Buy 30.85

Sell 30.95

Interest rates CBE

19.25% deposit

20.25% lending

Tadawul

12,198

-0.4% (YTD: +1.9%)

ADX

9,767

+0.6% (YTD: +2.0%)

DFM

4,118

+0.7% (YTD: +1.4%)

S&P 500

4,756

-0.2% (YTD: -0.3%)

FTSE 100

7,684

-0.1% (YTD: -0.6%)

Euro Stoxx 50

4,467

-0.4% (YTD: -1.2%)

Brent crude

USD 77.59

+1.9%

Natural gas (Nymex)

USD 3.19

+7.0%

Gold

USD 2,033.00

0.0%

BTC

USD 45,715.90

-2.7% (YTD: +10.4%)

THE CLOSING BELL-

The EGX30 rose 1.0% at yesterday’s close on turnover of EGP 4.0 bn (19.3% above the 90-day average). Regional investors were net buyers. The index is up 2.8% YTD.

In the green: Abu Qir Fertilizers (+3.4%), Beltone Holding (+3.2%), and Eastern Company (+2.8%).

In the red: Ezz Steel (-1.5%), CIRA Education (-1.4%), and Oriental Weavers (-0.8%).

Asian markets are largely in the red this morning, with Japan’s Nikkei being the notable exception. Traders in Tokyo look set to notch another 33-year high after yesterday’s high-water mark, CNBC suggests. Futures show stocks in Europe, on Wall Street, and on Bay Street opening in the red later today.

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