{"id":619399,"date":"2024-05-01T00:00:00","date_gmt":"2024-05-01T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/01\/adq-to-sell-first-usd-denominated-bonds\/"},"modified":"2024-05-01T00:00:00","modified_gmt":"2024-05-01T00:00:00","slug":"adq-to-sell-first-usd-denominated-bonds","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/01\/adq-to-sell-first-usd-denominated-bonds\/","title":{"rendered":"ADQ to sell first USD-denominated bonds"},"content":{"rendered":"

ADQ mulls i<\/strong>naugural be<\/strong>nchmark-sized USD bond issuance:<\/strong> Abu Dhabi sovereign wealth fund ADQ is reportedly selling its first dual-tranche USD-denominated benchmark sized senior unsecured bonds with tenors between five and ten years, Bloomberg<\/a> and Reuters<\/a> reported, citing people they say are familiar with the matter. A global investor call reportedly took place on Monday to discuss the debut offering. <\/p>\n

Sound smart: <\/strong>A benchmark sized issuance usually has a minimum value of USD 500 mn.<\/p>\n

ADQ is looking to diversify its funding sources<\/strong> for future acquisitions<\/strong>, according to one of the sources. In addition to its landmark USD 35 bn<\/a> agreement with the Egyptian government back in February, ADQ has committed to plenty of investments over the last few months, including agreements in Kenya worth USD 500 mn<\/a> and initiated a USD 180 mn tech-focused fund in Oman<\/a> just last week.<\/p>\n

The offering comes one week after Abu Dhabi\u2019s <\/strong>first eurobond sale<\/a><\/strong> in three years<\/strong>, raising around USD 5 bn in one of the biggest emerging market transactions of the year, according to Bloomberg. Companies under Abu Dhabi\u2019s ownership had around USD 113 bn in outstanding debt by the end of 2023, according to the bond prospectus.<\/p>\n

DATA POINT: <\/strong>The wealth fund, chaired by Sheikh Tahnoon bin Zayed Al Nahyan, manages around AED 720.5 bn (USD 196 bn) worth of assets.<\/p>\n

Advisors:<\/strong> Our friends at HSBC Holdings and First Abu Dhabi Bank, alongside Citigroup, Cr\u00e9dit Agricole, Goldman Sachs International, and Standard Chartered will act as joint global coordinators and active bookrunners, according to Reuters and Bloomberg. <\/p>\n

MARKETS THIS MORNING-<\/p>\n

Most Asian markets are closed this morning in observance of Labor Day. <\/strong>The Nikkei was down about 0.7% in early trading, while Australia\u2019s ASX 200 was off a bit more than 1%. Markets are also closed today in France, Germany, Italy, and Spain and will look to make up ground tomorrow after the broad Stoxx 600 closed down nearly 1.5% for the month of April. Futures suggest shares in London and New York will face selling pressure <\/strong>at the opening bell later today.<\/p>\n

<\/a><\/a> <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30<\/strong><\/p>\n<\/td>\n

\n

24,449<\/p>\n<\/td>\n

\n

-6.0% (YTD: -1.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 47.79<\/p>\n<\/td>\n

\n

Sell 47.93<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CIB<\/strong>)<\/strong><\/p>\n<\/td>\n

\n

Buy 47.80<\/p>\n<\/td>\n

\n

Sell 47.90<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates CBE<\/strong><\/p>\n<\/td>\n

\n

27.25% deposit<\/p>\n<\/td>\n

\n

28.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

12,395<\/p>\n<\/td>\n

\n

+0.2% (YTD: +3.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

9,067<\/p>\n<\/td>\n

\n

+0.1% (YTD: -5.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

4,156<\/p>\n<\/td>\n

\n

-0.1% (YTD: +2.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

5,036<\/p>\n<\/td>\n

\n

-1.6% (YTD: +5.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

8,144<\/p>\n<\/td>\n

\n

0.0% (YTD: +5.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50<\/strong><\/p>\n<\/td>\n

\n

4,921<\/p>\n<\/td>\n

\n

-1.2% (YTD: +8.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 87.86<\/p>\n<\/td>\n

\n

-0.6%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n

\n

USD 1.99<\/p>\n<\/td>\n

\n

-1.9%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 2,302.90<\/p>\n<\/td>\n

\n

-2.3%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 60,118.00<\/p>\n<\/td>\n

\n

-4.5% (YTD: +41.8%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/p>\n

The EGX30 fell 6.0% at yesterday\u2019s close<\/strong> on turnover of EGP 3.5 bn (29.1% below the 90-day average). Local investors were net buyers. The index is down 1.8% YTD.<\/p>\n

In the green: <\/strong>E-finance (+0.4%).<\/p>\n

In the red: <\/strong>Talaat Moustafa Group (-12.0%), Qalaa Holding (-10.7%) and Eipico (-10.4%).<\/p>\n

CORPORATE ACTIONS-<\/p>\n

#1-<\/strong>Sidi Kerir Petrochemicals Company will pay out a dividend of EGP 1.25<\/strong> per share on its 2023 earnings, the company said in an EGX disclosure (pdf)<\/a>. The dividend will be paid in two installments, EGP 0.75 at the end of this month and EGP 0.50 in September. <\/p>\n

#2- Rameda Pharma will pay out a dividend of EGP 0.67 <\/strong>per share on its 2023earnings, which will be paid over three installments in June, October, and December of 2024, the company said in a bourse disclosure (pdf)<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

The USD-denominated issuance would help fund future acquisitions<\/p>\n","protected":false},"author":1,"featured_media":619400,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[299,7106,72,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-619399","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-adq","tag-debt","tag-enterpriseam","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"5b6a795a-6a1b-420b-a39d-fc4c22c000f2","order":"11","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/4\/2147.jpg","photo_position":"above","homepage_title":"","full_issue_title":"ADQ to sell first USD-denominated bonds","related_issue":[619380],"teaser":"The USD-denominated issuance would help fund future acquisitions","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.1c0ada31-0907-4460-96ae-f0589a9ed52b.mp3"},"yoast_head":"\nADQ to sell first USD-denominated bonds - 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The exact value of the issuances remains unclear,\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":594495,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/31\/egypt-selects-five-international-banks-to-promote-usd-denominated-eurobond-issuance\/","url_meta":{"origin":619399,"position":1},"title":"Egypt selects five international banks to promote USD-denominated Eurobond issuance","author":"enterpriseam admin","date":"31 October 2019","format":false,"excerpt":"Egypt selects advisors for USD-denominated bond issuance this FY: Egypt has selected five international banks to advise on an upcoming USD-denominated bond issuance on the Luxembourg Stock Exchange, the Finance Ministry said, naming Citibank, JPMorgan, BNP Paribas, Natixis and Standard Chartered. Meanwhile, Al Tamimi & Company was selected as local\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/1\/738.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":567238,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/16\/egypt-is-pressing-pause-on-usd-denominated-eurobond-issuances-for-the-remainder-of-fy2019-2020\/","url_meta":{"origin":619399,"position":2},"title":"Egypt is pressing pause on USD-denominated eurobond issuances for the remainder of FY2019-2020","author":"enterpriseam admin","date":"16 January 2020","format":false,"excerpt":"EXCLUSIVE- The government is pressing pause on USD-denominated eurobond issuances for the remainder of the current fiscal year and will instead rely on a diverse set of debt instruments during the coming period, Finance Minister Mohamed Maait told Enterprise. Egypt successfully issued USD 2 bn-worth of USD-denominated eurobonds in a\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":621054,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/30\/mashreq-bank-taps-banks-for-at1-bond-issuance\/","url_meta":{"origin":619399,"position":3},"title":"Mashreq Bank taps banks for AT1 bond issuance","author":"enterpriseam admin","date":"30 May 2024","format":false,"excerpt":"Investor meetings are set to take place today","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2673.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":630125,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/04\/12\/egypt-will-be-issuing-usd-6-7-bn-in-usd-denominated-eurobonds-in-fy2018-19\/","url_meta":{"origin":619399,"position":4},"title":"Egypt will be issuing USD 6-7 bn in USD-denominated eurobonds in FY2018-19","author":"enterpriseam admin","date":"12 April 2018","format":false,"excerpt":"Egypt will be issuing USD 6-7 bn in USD-denominated eurobonds in FY2018-19, said Finance Minister Amr El Garhy on Wednesday, Reuters reports. El Garhy reportedly said the issuance might take place at the end of 2018 or early 2019, according to Al Mal. Assistant Finance Minister for Capital Market Operations\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":596433,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/28\/egypt-revisits-possibility-of-issuing-egp-denominated-bonds-on-the-back-of-currency-appreciation\/","url_meta":{"origin":619399,"position":5},"title":"Egypt revisits possibility of issuing EGP-denominated bonds on the back of currency appreciation","author":"enterpriseam admin","date":"28 August 2019","format":false,"excerpt":"EXCLUSIVE- EGP-denominated int\u2019l bond issuance could be back on the table: The Finance Ministry is revisiting previously shelved plans to take an EGP-denominated bond issuance to the international market, two government sources tell Enterprise. According to our sources, the ministry has yet to determine the exact size and timing of\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/12\/17.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/619399","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=619399"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/619399\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/619380"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/619400"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=619399"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=619399"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=619399"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=619399"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=619399"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}