Daily Market Chatter (22-August-2016) FX G10 So the dollar closed high on the weekend and remained bid after a further hawkish rhetoric from Fed’s Fischer as he joined his fellow Fed members advocating a possible rate hike this year. Now the market is eyeing Yellen’s speech on Friday and will look for any clues on the timing of the next hike. Thus the fear is now for a disappointment, after all of this hawkish rhetoric, as she might tip the scales. Additionally, we had BOJ Kuroda who seemed a bit anxious than before and sees “sufficient chance” for BOJ to ease in September. Today’s data slate is empty to say the least. We only have the US Chicago Fed Nat Activity. EUR – I am happy to report that we finally have a trend in EURUSD, after spending months range bound and lonely in the corner as the market’s focus was elsewhere. EURUSD has been marking fresh modest highs every day, despite the growing chorus of hawkish Fed speakers including Bullard, Williams, Lockhart, and Dudley indicating that they still see one rate hike this year as likely. With that said, the FOMC minutes shed very little light on the timing of the next hike, while the ECB minutes brought little information about the future path of monetary policy beyond what president Draghi has already said. This week the focus will be on Yellen’s speech on Friday and I would expect that the USD bulls would try to spin any hawkish comments, but as the latest moves have showed, the dollar strength will be short-lived. GBP – The cable bears have been cornered recently as Cable could not stay below 1.2900 and had a sustained rally last week with the recent UK data showing that it is not all gloomy after Brexit. Point made by the UK retail sales for July which beat the estimate. With that said, the upward momentum is somewhat limited by the weight of the short positioning which have hit a record high this month, so speculators have shifted to trading the pound through the crosses (GBPJPY and EURGBP mainly). Furthermore, the current Cable level makes me question if the BOE will do more as the overall depreciation of the currency this year may not provide as much economic stimulus as previously thought. JPY – USDJPY has been tumbling and dipped below 100 multiple times and was saved by importer demand. This decline shows a clear disconnect between the Japanese stock rally and the BOJ efforts to weaken the currency, which shows the reluctance from their part to intervene in the FX market and rumors are spreading through the market that BOJ will refrain from actively acting in the market while USDJPY is above 95.00. On the other hand, Kuroda was on the wires last week and
indicated that he will not hesitate to add more stimulus in September, and there's "technically" room for deeper negative rates, he said, while ruling out helicopter money, as a result USDJPY gapped higher as JPY weakens further, and 101.50 resistance might be tested in the near-term. AUD – The main market mover last week was the RBA minutes in which the CB repeated the same rhetoric “there was room for stronger growth, which could be assisted by lower interest rates”. Additionally, the latest AUD employment data was decent, but the lack of new buyers halted the move and the AUD strength on the back of the commodity rise ran out of steam and AUD lost some grounds after Moody’s cut the outlook for 5 Australian banks. AUDUSD broke 0.7600 effortlessly and might continue trading on the back foot today as speculators continue to push the dollar higher. Prev day Close EUR USD GBP USD USD JPY
1.1325 1.3075 100.22
% Change 1D -0.04% -0.48% +0.19%
1W +1.46% +1.20% -1.07%
1M +3.17% -0.26% -5.57%
1YR -1.77% -16.94% -15.92%
YTD +4.22% -11.26% -16.62%
Source: Bloomberg
EM Asian EM currencies continue their weakening trend post hawkish statements from Fed officials stating chance of rate hike this year remains highly probably. KRW, TWD were among the ones getting hit the hardest reversing earlier gains this month. USDKRW paid up to 1130, and TWD paid up to 31.86. USDCNH spot traded 2 big figures higher after fixing came out over 400 pips higher. Corporate demand with local supply diminishing were main driver for this leg higher. CNH DF also got paid up yet funding remains ease with t/n still trading around 1.1 pip / day. Ahead of Jackson Hole meeting this Friday, I believe Asian EM will still get pressured as market has been underpriced USD rate hike expectation. Prev day Close USD TRY USD INR USD IDR
2.9292 67.061 13,163.0
% Change 1D +0.01% +0.38% +0.33%
1W -0.99% +0.26% +0.34%
1M -4.46% -0.03% +0.52%
1YR -0.04% +0.62% -6.31%
YTD +0.42% +1.37% -4.53%
Source: Bloomberg
G10 Rates Deputy Fed Chair Fischer has shaken the market up a little ahead of Friday's Jackson Hole Symposium. He was very hawkish in a speech in Aspen, totally the wrong time of the year to be in Aspen but hey ho. He feels that the FED is close to target and 1.6% inflation (ex food and energy) is 'within hailing distance' of their 2% goal. He's happy with employment although recognises that falling productivity levels have added to the drag on GDP. Fixed income is lower on the back of this in the Asia
session and likely to push further as Europe comes in with TY heading to its next support around 131-18. Quiet data day today with Chicago Fed National Activity Index the only number on the docket and its not what you'd call a first tier piece of info. UST Yield
Prev day Close
5Y 10Y 30Y
1.16% 1.58% 2.29%
Change (basis points) 1D +5.5 +4.3 +2.7
1W +6.7 +6.5 +5.6
1D +4.4 +3.7 +3.0
1W +6.6 +5.2 +2.4
1M +4.7 +1.2 +0.4
1YR -26.3 -45.8 -43.7
YTD -59.5 -69.0 -72.9
1YR -33.7 -65.4 -77.8
YTD -54.6 -73.9 -84.8
Source: Bloomberg
$ Mid Swap
Prev day Close (bps)
5Y 10Y 30Y
118.3 144.8 176.5
Change (basis points) 1M +2.5 -1.6 -8.3
Source: Bloomberg
Commodities Market WTI Sep 16 futures closed higher at $48.52 on Friday after 2 Louisiana refineries were running at reduced capacity after severe flooding. The Exxon Mobil Baton Rouge complex (the 4th largest refinery in the US with a capacity of approx. 500kb/d) continues to run but most likely at reduced capacity – some reports suggest that production was cut by up to 60%. The Motiva Enterprises refinery (capacity of 235kb.d) was also affected as flooding prevented staff from reaching the plant. For the week ending 19 Aug, the late Friday evening Baker Hughes report printed a 8th consecutive weekly increase of 10 rigs, bringing the total to US rig count to 406 (vs. 674 this time last year). Despite the potential supply side disruption, front month gasoline cracks failed to break the $15/bbl level (vs $25 – 30 range this time last year). This temporary supply side disruption in the US was tempered by news that a Libyan tanker has started loading at Zueitina port on Thursday as rival factions controlling that area had permitted docking and loading, according to an official from the Libyan National Oil Company. Fears around the potentially damaged port infrastructure was eased; the Zuetina port and storage facility holds about 3.1mb of crude and 180kb of condensate. Libyan output has dropped to 200kb/d due to blockades and damaged infrastructure as a result of the domestic strife and unrest.
MENA Fixed Income Thursday was one of the busiest days we had in couple of weeks. Most of the activity was in the Qatar and Oman curve in good size but we also traded other names like Bahrain and Etisalat in good size as well. The SECO curve is still marching higher although we started to see some accounts inquiring if now is a good time to lighten up after that rally. Another name to keep an eye on is DP World 23s which has been well bid in the last couple of sessions and expect that to continue
after they got included in the JP Morgan Bond Index and looks cheap compared to the 20s. Federal Reserve Vice Chairman Stanley Fischer signaled that a 2016 rate hike is still under consideration, saying the US economy is already close to meeting the central bank’s goals and that growth will gain steam. All eyes will be on Yellen Jackson Hole speech. US10yr yield @ 1.59% now vs 1.55% a week ago. Coming to new Issues, National Bank of Abu Dhabi has mandated BofAML, Citi, Crédit Agricole CIB, HSBC, MUFG and NBAD, as joint lead managers and joint bookrunners to arrange a series of fixed income investor meetings in Asia and Europe commencing 22 August. A 5-year fixed rate USD denominated Green/Sustainable benchmark Regulation S offering will follow, subject to market conditions. NBAD, rated Aa3 (neg)/AA- (neg)/AA-(stable) by Moody's/S&P/Fitch, is the largest bank in the UAE by assets and the highest rated bank in the Middle East. This is good news as there has been a lack of new issues all summer. If I remember correctly the last GCC new issue we had was Qtel and that was back in June. As for Fins think it was EIB back in May, so expect to see good demand back by the solid rating and the lack of Fins Issuance. Change (basis points)
Indices
Prev day Close (bps)
1D
1W
1M
1YR
YTD
JPMEMBI Sov
342.0
-2.4
-9.6
-18.4
-91.5
-68.1
Sovx CEEMEA
114.9
+1.0
-0.9
-14.1
-233.0
-68.7
Itrax Xover
310.7
+2.9
+2.6
-7.8
-53.0
-3.8
Indices
Prev day Close (bps)
1D
1W
1M
1YR
YTD
ADGB 5Y
72.0
+1.0
-3.1
-0.3
-8.2
-20.6
Qatar 5Y
96.0
+1.0
-5.2
-3.0
+12.7
+3.4
Dubai 5Y
162.2
+1.4
-1.8
-7.3
-68.2
-71.5
Source: Bloomberg
Change (basis points)
Source: Bloomberg
Continued…
Overnight market headlines Global News Fischer signals 2016 rate hike with economy nearing Fed goals; says Fed close to hitting job and inflation targets Fischer says monetary policy isn’t equipped to boost productivity growth ‘Sufficient chance’ of BOJ easing September, Kuroda tells Sankei Treasury yield climbs to two-month high and dollar gets a boost as Fischer joins hawks; yen falls on BOJ’s hints for further easing; Asian shares drop Oil falls after the longest run of gains in four years as Iraq seeks export boost and Nigeria militants declare end to attacks
Middle East & Africa News Kuwait lowers current fiscal year's projected deficit to by $4.6bn to $23.2bn Saudi Arabia's ACWA Power expands revolving credit facility Ooredoo Oman to invest more than $150m in network expansion Egypt sees eurobond yield at 5.5-6% for Sept/Oct issuance Moody's affirms Egypt’s B3 rating; outlook stable Fitch keeps Turkey at investment grade by affirming its BBB- credit rating; revises outlook to negative Gulf edges down despite petchems; Telecom Egypt climbs Nigeria to allocate $180m more in capital spending Nigeria banks to set naira rate on Monday without central bank intervention IMF says Kenya may pay higher debt price for wide fiscal gap Please refer to our daily news summary if you wish to read the full articles
Continued…
Key data points – Global Major Stock Markets
Prev day Close
Change 1D
1W
1M
1YR
YTD
GLOBAL Dow Jones Inds. Avg
18,553
-0.24%
-0.13%
-0.10%
+12.71%
+6.47%
S&P 500
2,184
-0.14%
-0.01%
+0.41%
+10.81%
+6.85%
Nasdaq Composite
5,238
-0.03%
+0.10%
+2.71%
+11.31%
+4.61%
Nikkei
16,546
+0.36%
-2.21%
-0.49%
-14.87%
-13.07%
Hang Seng
22,937
-0.37%
+0.75%
+4.43%
+2.35%
+4.67%
Shanghai
3,108
+0.13%
+1.88%
+3.16%
-11.39%
-12.18%
Mumbai Sensex
28,077
-0.17%
-0.27%
+0.98%
+2.60%
+7.50%
DAX
10,544
-0.55%
-1.58%
+3.91%
+4.15%
-1.85%
CAC 40
4,401
-0.82%
-2.21%
+0.44%
-4.98%
-5.10%
FTSE 100
6,859
-0.15%
-0.83%
+1.91%
+10.85%
+9.88%
DJ Stoxx 50
2,968
-0.90%
-2.52%
-0.14%
-8.59%
-9.16%
FTSE MIB Index
16,310
-2.18%
-4.05%
-2.79%
-25.00%
-23.85%
SMI Index
8,127
-0.76%
-2.02%
-0.82%
-7.63%
-7.83%
MENA Abu Dhabi - ADX
4,519
+0.02%
-0.17%
-1.54%
+0.15%
+4.92%
Dubai – DFM
3,560
-0.36%
-0.22%
+0.44%
-4.05%
+12.97%
Saudi Arabia
6,212
-0.23%
-2.54%
-5.89%
-22.47%
-10.12%
Qatar
11,298
-0.20%
+2.20%
+7.24%
-0.42%
+8.32%
Bahrain
1,157
+0.69%
-0.07%
-0.29%
-12.35%
-4.85%
Kuwait
5,468
-0.08%
-0.57%
+1.42%
-9.66%
-2.62%
Oman
5,899
+0.08%
-0.18%
+1.39%
-3.13%
+9.12%
Egypt
8,352
+0.42%
+0.01%
+12.31%
+16.45%
+19.22%
Turkey
78,146
+0.22%
-0.11%
+8.93%
+5.89%
+8.95%
Source: Bloomberg
Major Commodities Prices
Change
Prev day Close
1D
1W
1M
1YR
YTD
WTI Oil $/bbl
48.52
+0.62%
+9.06%
+9.80%
+19.95%
+30.99%
Brent Oil $/bbl
50.88
-0.02%
+8.32%
+11.36%
+11.92%
+36.48%
Gold spot $/oz
1,341
-0.71%
+0.41%
+1.42%
+16.06%
+26.29%
Silver spot $/Troy oz
19.31
-2.20%
-2.05%
-1.66%
+29.39%
+39.13%
Alluminium 3MO $
1,667
-0.95%
+0.73%
+1.21%
+7.10%
+10.62%
Nickel 3MO $
10,355
+0.05%
+0.49%
-1.94%
-0.62%
+17.40%
Copper 3MO $
4,798
-0.23%
+0.78%
-3.73%
-3.94%
+1.98%
Source: Bloomberg
Key data points – GCC Fixed Income Security
S&P
Moody's
Ccy
Maturity Date
Mid Px
Mid Zsp
Mid Yield
Wk Chng
Mth Chng
Abu Dhabi Sovereigns ADGB 6.75 19
AA
Aa2
USD
8-Apr-19
114.350
15
1.18
-8
-16
ADGB 2.125 21
AA
N/A
USD
3-May-21
101.550
65
1.78
-0
+4
ADGB 3.125 26
AA
N/A
USD
3-May-26
106.250
100
2.40
-1
+6
ADWA 3.925 20
AA
Aa2
USD
28-Jul-20
104.300
25
2.76
-6
+32
ETISLT 2.375 19
AA-
Aa3
USD
18-Jun-19
101.950
63
1.66
-21
-19
ETISLT 1.75 21
AA-
Aa3
EUR
18-Jun-21
107.250
38
0.24
-10
-8
ETISLT 3.5 24
AA-
Aa3
USD
18-Jun-24
108.000
107
2.37
-19
-13
ETISLT 2.75 26
AA-
Aa3
EUR
18-Jun-26
116.375
75
0.99
-4
+4
INTPET 3.75 17
AA
Aa2
USD
1-Mar-17
101.300
2
1.24
-18
-51
INTPET 2.375 18
AA
Aa2
EUR
30-May-18
104.075
27
0.07
-2
-8
INTPET 5 20
AA
Aa2
USD
15-Nov-20
112.625
77
1.88
-9
-8
INTPET 5.875 21
AA
Aa2
EUR
14-Mar-21
125.250
45
0.29
-5
-8
INTPET 5.5 22
AA
Aa2
USD
1-Mar-22
117.500
95
2.12
-5
-2
INTPET 3.625 23
AA
Aa2
EUR
30-May-23
119.125
74
0.72
-5
-1
INTPET 6.875 26
AA
Aa2
GBP
14-Mar-26
133.750
212
2.80
-13
+4
INTPET 6.875 41
AA
Aa2
USD
1-Nov-41
145.250
235
4.01
-9
+1
MUBAUH 7.625 19
AA
Aa2
USD
6-May-19
116.625
31
1.34
-10
-18
MUBAUH 5.5 21
AA
Aa2
USD
20-Apr-21
115.375
89
2.02
-6
-5
MUBAUH 3.25 22
AA
Aa2
USD
28-Apr-22
105.000
111
2.31
-7
-2
MUBAUH 2.75 23
AA
Aa2
USD
11-May-23
101.875
119
2.45
-9
-3
DOLNRG 5.888 19
N/A
A1
USD
15-Jun-19
107.300
-97
3.15
-25
-53
DOLNRG 5.5 21
Abu Dhabi Corporates
N/A
A1
USD
15-Dec-21
115.750
116
2.33
-9
-7
TAQAUH 5.875 16
A-
A3
USD
27-Oct-16
100.990
-37
0.30
-86
-180
TAQAUH 4.125 17
A-
A3
USD
13-Mar-17
101.450
25
1.49
+2
-31
TAQAUH 6.165 17
A-
A3
USD
25-Oct-17
105.500
-2
1.42
-12
-45
TAQAUH 7.25 18
A-
A3
USD
1-Aug-18
110.750
57
1.60
-17
-32
TAQAUH 2.5 18
A-
A3
USD
12-Jan-18
101.200
30
1.62
-11
-25
TAQAUH 6.25 19
A-
A3
USD
16-Sep-19
112.150
108
2.13
-5
-9
TAQAUH 5.875 21
A-
A3
USD
13-Dec-21
115.550
154
2.71
-2
+0
TAQAUH 3.625 23
A-
A3
USD
12-Jan-23
103.250
183
3.06
-10
-4
TAQAUH 3.875 24
A-
A3
USD
6-May-24
104.375
193
3.23
-9
-2
TAQAUH 6.5 36
A-
A3
USD
27-Oct-36
134.000
241
4.02
-7
+3
A-
A3
USD
31-Aug-36
122.250
260
4.33
-7
+2
BBB
Baa3
USD
3-Dec-18
104.975
109
2.10
+7
+4
-14
1.13
-6
-33
RPCUH 6 36 ALDAR 4.348 18
Abu Dhabi Financials NBADUH 3.25 17
AA- /*-
Aa3
USD
27-Mar-17
101.250
NBADUH 3 19
AA- /*-
Aa3
USD
13-Aug-19
102.950
93
1.97
-3
-1
NBADUH 2.25 20
AA- /*-
Aa3
USD
11-Feb-20
100.625
100
2.06
-2
+2
NBADUH 5.25 49
BBB- /*-
Baa3
USD
Perpetual
104.625
285
4.39
-20
-21
UNBUH 3.875 16
N/A
A1
USD
10-Nov-16
100.625
18
0.94
-73
-113
ADCBUH 4.071 16
A
A1u
USD
22-Nov-16
100.688
45
1.27
-1
-47
ADCBUH 0 17
A
NR
USD
9-Jan-17
100.275
60
1.43
-28
-29
Source: NBAD
Mid Px
Mid Zsp
Mid Yield
Wk Chng
Mth Chng
6-Mar-18
100.925
65
1.89
-9
-19
4-Mar-19
102.575
94
1.95
-5
-5
USD
16-Sep-19
102.300
93
1.97
-3
-1
N/A
USD
10-Mar-20
101.250
119
2.26
+3
+7
NR
USD
6-Mar-23
105.250
236
3.59
-7
-1
A-
NR
USD
28-May-23
100.813
153
3.16
-19
-22
ALHILA 3.267 18
N/A
A1
USD
8-Oct-18
102.750
94
1.94
-1
-3
ALHILA 5.5 49
N/A
N/A
USD
Perpetual
103.250
324
4.78
-6
-8
ADIBUH 3.78 16
N/A
A2
USD
30-Nov-16
100.825
-15
0.71
-37
-81
ADIBUH 6.375 49
N/A
N/A
USD
Perpetual
105.500
268
6.18
-27
-32
FGBUH 4.046 17
N/A
A2
USD
18-Jan-17
101.150
10
1.17
-32
-66
FGBUH 2.862 17
N/A
A2
USD
9-Oct-17
101.200
32
1.78
-9
-28
FGBUH 3.25 19
N/A
A2
USD
14-Jan-19
103.350
80
1.81
-9
-10
FGBUH 2.625 20
N/A
A2
USD
24-Feb-20
102.375
85
1.92
-7
-4
QATAR 3.125 17
AA
Aa2
USD
20-Jan-17
100.950
-29
0.79
-28
-57
QATAR 2.099 18
AA
Aa2
USD
18-Jan-18
100.825
19
1.50
-11
-23
QATAR 6.55 19
AA
Aa2
USD
9-Apr-19
113.000
46
1.49
-13
-20
QATAR 5.25 20
AA
Aa2
USD
20-Jan-20
111.350
74
1.80
-3
-5
QATDIA 5 20
AA
Aa2
USD
21-Jul-20
111.250
91
2.00
-6
-5
QATAR 2.375 21
AA
Aa2
USD
2-Jun-21
101.175
98
2.11
-4
+1
QATAR 4.5 22
AA
Aa2
USD
20-Jan-22
111.600
104
2.21
-3
+0
QATAR 3.241 23
AA
Aa2
USD
18-Jan-23
107.050
83
2.06
-5
+1
QATAR 3.25 26
AA
Aa2
USD
2-Jun-26
103.100
148
2.88
-5
+3
QATAR 9.75 30
AA
Aa2
USD
15-Jun-30
169.000
195
3.43
+2
+9
QATAR 6.4 40
AA
Aa2
USD
20-Jan-40
137.500
229
3.93
-2
+8
QATAR 5.75 42
AA
Aa2
USD
20-Jan-42
128.500
230
3.96
-0
+10
QATAR 4.625 46
AA
Aa2
USD
2-Jun-46
109.750
236
4.06
+2
+14
RASGAS 6.75 19
A
Aa3
USD
30-Sep-19
114.750
78
1.83
-13
-18
QTELQD 3.375 16
A-
A2
USD
14-Oct-16
100.325
46
1.06
-18
-53
QTELQD 3.039 18
A-
A2
USD
3-Dec-18
102.500
91
1.91
-15
-15
QTELQD 7.875 19
A-
A2
USD
10-Jun-19
116.750
68
1.72
-11
-19
QTELQD 4.75 21
A-
A2
USD
16-Feb-21
111.300
97
2.09
-9
-7
QTELQD 3.25 23
A-
A2
USD
21-Feb-23
103.400
144
2.68
-13
-6
QTELQD 5 25
A-
A2
USD
19-Oct-25
115.250
171
3.08
-16
-9
QTELQD 3.75 26
A-
A2
USD
22-Jun-26
105.000
176
3.15
-18
-10
QTELQD 3.875 28
A-
A2
USD
31-Jan-28
106.000
178
3.24
-22
-14
QTELQD 4.5 43
A-
A2
USD
31-Jan-43
109.500
224
3.92
-7
+4
QNBK 0 16
A+
Aa3
USD
31-Oct-16
100.100
80
1.48
+8
+12
QNBK 3.375 17
A+
Aa3
USD
22-Feb-17
101.188
-25
0.98
-40
-70
QNBK 2.125 18
A+
Aa3
USD
14-Feb-18
100.425
56
1.83
-4
-14
QNBK 2.75 18
A+
Aa3
USD
31-Oct-18
101.825
89
1.89
+1
+0
QNBK 2.875 20
N/A
Aa3
USD
29-Apr-20
103.150
91
1.98
+0
+3
Security
S&P
Moody's
Ccy
ADCBUH 2.5 18
A
A1u
USD
ADCBUH 3 19
A
NR
USD
ADCBUH 2.75 19
A
NR
ADCBUH 2.625 20
A
ADCBUH 4.5 23
A-
ADCBUH 3.125 23
Maturity Date
Abu Dhabi Financials
Qatar Sovereigns
Qatar Corporates
Qatar Financials
Source: NBAD
Mid Px
Mid Zsp
Mid Yield
Wk Chng
Mth Chng
10-Oct-17
100.700
41
1.87
-2
-19
USD
27-Oct-20
101.200
134
2.45
-5
-1
USD
11-Apr-17
101.175
20
1.50
-9
-33
USD
24-Jun-19
101.450
131
2.34
-4
-2
USD
18-Nov-19
115.250
150
2.56
-5
-9
A2
USD
13-Jun-21
102.550
154
2.68
-6
-1 -22
Security
S&P
Moody's
Ccy
QIBKQD 2.5 17
N/A
N/A
USD
QIBKQD 2.754 20
N/A
N/A
COMQAT 3.375 17
BBB+
A2
COMQAT 2.875 19
BBB+
A2
COMQAT 7.5 19
BBB
Baa2
COMQAT 3.25 21
BBB+
Maturity Date
Qatar Financials
DHBKQD 3.5 17
A-
A2
USD
14-Mar-17
101.250
0
1.25
+6
ALKHAL 3.25 18
N/A
N/A
USD
22-Oct-18
101.950
132
2.32
-6
-7
QIIK 2.688 17
N/A
A2
USD
18-Oct-17
100.800
53
1.98
-8
-25
INTBOQ 3.5 20
N/A
A2
USD
25-Nov-20
102.950
165
2.76
-5
-1
ABQKQD 3.625 21
N/A
A2
USD
13-Apr-21
103.250
174
2.87
-5
-1
SECO 2.665 17
A-
A2
USD
3-Apr-17
100.800
6
1.35
-6
-26
SECO 4.211 22
A-
A2
USD
3-Apr-22
106.750
171
2.90
-11
-6
SECO 3.473 23
A-
A2
USD
8-Apr-23
103.400
166
2.90
-20
-13
SECO 4 24
A-
A2
USD
8-Apr-24
106.250
178
3.07
-25
-18
SECO 5.06 43
A-
A2
USD
8-Apr-43
103.500
316
4.82
-22
-11
SECO 5.5 44
A-
A2
USD
8-Apr-44
108.000
330
4.96
-16
-5
SABIC 2.625 18
A-
A1
USD
3-Oct-18
101.400
95
1.94
-4
-4
SABIC 2.75 20
A-
A1
EUR
20-Nov-20
108.375
91
0.74
-1
-1
DARALA 5.75 16
NR
N/A
USD
25-Nov-16
100.250
389
4.70
-43
-39
DARALA 5.75 18
NR
N/A
USD
24-May-18
97.750
601
7.13
-40
-40
DARALA 6.5 19
NR
N/A
USD
28-May-19
97.625
643
7.46
-7
-2
Saudi Corporates
Saudi Financials BSFR 2.947 17
BBB+
N/A
USD
22-May-17
100.900
36
1.73
+8
-10
GULINT 2.375 17
NR
Baa1
USD
11-Dec-17
100.250
81
2.18
-22
-34
BHRAIN 6.273 18
BB
N/A
USD
22-Nov-18
107.250
191
2.91
+1
-5
BHRAIN 5.5 20
BB
NR
USD
31-Mar-20
105.125
288
3.96
+4
+6
BHRAIN 5.875 21
BB
N/A
USD
26-Jan-21
105.125
346
4.58
-4
-1
BHRAIN 6.125 22
BB
N/A
USD
5-Jul-22
104.750
398
5.17
-4
+1
BHRAIN 6.125 23
BB
N/A
USD
1-Aug-23
104.375
411
5.36
+5
+11
BHRAIN 7 26
BB
N/A
USD
26-Jan-26
106.750
469
6.05
-7
-0
BHRAIN 6 44
BB
N/A
USD
19-Sep-44
86.500
549
7.12
+3
+13
Bahrain Sovereigns
Bahrain Corporates MUMTAK 4 21
BB
N/A
USD
25-Nov-21
98.875
308
4.24
-13
-8
BATELC 4.25 20
BB
N/A
USD
1-May-20
100.500
302
4.10
-2
+2
AUBBI 6.875 49
N/A
N/A
USD
Perpetual
101.375
537
6.52
-1
-1
BBK 3.5 20
N/A
Ba2
USD
24-Mar-20
97.000
334
4.41
-2
+4
GULF 3.25 17
N/A
A2
USD
28-Nov-17
101.250
85
2.24
-5
-21
Bahrain Financials
Dubai Sovereigns DEWAAE 6.375 16
N/A
Baa1
USD
21-Oct-16
100.875
28
0.92
+2
-109
DUGB 4.9 17
N/A
N/A
USD
2-May-17
102.500
-8
1.26
-32
-66
DEWAAE 3 18
BBB+
N/A
USD
5-Mar-18
102.100
37
1.61
-12
-25
Source: NBAD
Mid Px
Mid Zsp
Mid Yield
Wk Chng
Mth Chng
5-Oct-20
119.500
161
2.71
-5
-6
USD
21-Oct-20
118.350
158
2.68
-6
-7
USD
22-Jun-21
112.000
177
2.91
-7
-5
N/A
USD
2-May-22
117.750
184
3.03
-8
-5
N/A
N/A
USD
30-Jan-23
104.700
183
3.06
-12
-6
DUGB 5 29
N/A
N/A
USD
30-Apr-29
108.125
268
4.17
-3
+5
DUGB 5.25 43
N/A
N/A
USD
30-Jan-43
98.500
370
5.36
-4
+6
Security
S&P
Moody's
Ccy
DUGB 7.75 20
N/A
N/A
USD
DEWAAE 7.375 20
N/A
Baa1
DUGB 5.591 21
N/A
N/A
DUGB 6.45 22
N/A
DUGB 3.875 23
Maturity Date
Dubai Sovereigns
Dubai Corporates INVCOR 3.508 20
N/A
N/A
USD
21-May-20
101.600
197
3.05
-4
-1
INVCOR 4.625 24
N/A
N/A
USD
21-May-24
104.000
272
4.02
-3
+4
MAFUAE 5.85 17
BBB
N/A
USD
7-Feb-17
102.150
-6
1.10
-7
-63
MAFUAE 5.25 19
BBB
N/A
USD
5-Jul-19
108.400
117
2.21
-4
-7
MAFUAE 4.75 24
BBB
N/A
USD
7-May-24
109.000
212
3.41
-28
-21
MAFUAE 4.5 25
BBB
N/A
USD
3-Nov-25
107.625
215
3.52
-18
-11
MAFUAE 7.125 49
BB+
N/A
USD
Perpetual
106.625
292
6.41
+14
+7
DPWDU 6.25 17
NR
Baa3
USD
2-Jul-17
104.025
7
1.51
-2
-40
DPWDU 3.25 20
N/A
Baa3
USD
18-May-20
104.200
99
2.08
-23
-20
DPWDU 3.908 23
N/A
Baa3
USD
31-May-23
104.750
187
3.12
-37
-31
DPWDU 6.85 37
NR
Baa3
USD
2-Jul-37
119.375
370
5.30
-18
-8
KHDRWY 2.471 25
N/A
N/A
USD
31-Mar-25
101.750
82
2.25
-20
-17
EMIRAT 3.875 23
N/A
N/A
USD
19-Mar-23
102.750
162
3.40
-12
-13
EMIRAT 4.5 25
N/A
N/A
USD
6-Feb-25
103.125
238
4.06
-8
+1
FLYDU 3.776 19
N/A
N/A
USD
26-Nov-19
102.150
202
3.08
-15
-12
EMAAR 6.4 19
BBB-
Baa3
USD
18-Jul-19
111.750
116
2.20
-10
-14
EMAARM 4.564 24
BBB-
Baa2
USD
18-Jun-24
107.500
216
3.46
-10
-3
DIFCAE 4.325 24
BBB
N/A
USD
12-Nov-24
105.625
221
3.53
-5
+2
JAFZSK 7 19
N/A
Baa3
USD
19-Jun-19
112.125
148
2.52
-14
-19
DICUH 4.291 19
BB+
N/A
USD
20-Feb-19
103.750
171
2.72
-3
-4
DUBAIH 6 17
NR
WR
GBP
1-Feb-17
101.500
201
2.49
-33
-50
DAMACR 4.97 19
BB
N/A
USD
9-Apr-19
96.500
541
6.44
-6
-1
GMSEDU 12 49
N/A
N/A
USD
Perpetual
113.500
449
13.61
-4
-17
HSBC 2.75 19
N/A
A2
USD
1-Oct-19
101.250
128
2.33
-12
-9
NOORBK 2.788 20
N/A
N/A
USD
28-Apr-20
99.600
183
2.90
-5
-1
EBIUH 4.625 17
N/A
A3
USD
28-Mar-17
101.875
19
1.46
-12
-47
EBIUH 3.25 19
N/A
A3
USD
19-Nov-19
103.500
107
2.13
-8
-6
EBIUH 3 20
N/A
A3
USD
6-May-20
103.000
107
2.15
-3
-0
EBIUH 1.75 22
N/A
A3
EUR
23-Mar-22
101.250
161
1.51
-8
-3
EBIUH 4.875 23
N/A
NR
USD
28-Mar-23
104.250
95
4.26
-52
-61
EBIUH 5.75 49
N/A
N/A
USD
Perpetual
103.625
331
5.49
-1
-2
EBIUH 6.375 49
N/A
N/A
USD
Perpetual
105.625
373
5.31
-22
-23
EIBUH 4.718 17
N/A
A3
USD
18-Jan-17
101.375
21
1.28
-27
-69
EIBUH 4.147 18
N/A
A3
USD
11-Jan-18
103.000
62
1.94
-7
-25
EIBUH 3.542 21
N/A
N/A
USD
31-May-21
103.350
165
2.79
-4
+0
DIBUH 4.752 17
N/A
Baa1
USD
30-May-17
102.250
41
1.79
-13
-42
Dubai Financials
Source: NBAD
Security
S&P
Moody's
Ccy
Maturity Date
Mid Px
Mid Zsp
Mid Yield
Wk Chng
Mth Chng -12
Dubai Financials DIBUH 2.921 20
N/A
Baa1
USD
3-Jun-20
100.600
167
2.75
-16
DIBUH 3.6 21
N/A
Baa1
USD
30-Mar-21
103.000
177
2.90
-13
-9
DIBUH 6.25 49
N/A
N/A
USD
Perpetual
105.125
311
5.83
-7
-11
DIBUH 6.75 49
N/A
N/A
USD
Perpetual
105.750
415
6.05
-1
-2
TAMWEE 5.154 17
N/A
Baa1
USD
18-Jan-17
101.575
15
1.22
-47
-90
CBDUH 3.375 18
N/A
Baa1
USD
21-May-18
102.050
105
2.17
-8
-17
CBDUH 4 20
N/A
Baa1
USD
17-Nov-20
104.300
180
2.91
-3
-0
Oman OMAN 3.625 21
BBB-
Baa1
USD
15-Jun-21
104.350
152
2.66
-27
-23
OMAN 4.75 26
BBB-
Baa1
USD
15-Jun-26
105.375
269
4.08
-25
-17
BKMBOM 2.5 18
BBB-
Baa1
USD
26-Mar-18
100.175
118
2.39
-7
-15
BKMBOM 3.75 21
BBB-
Baa1
USD
3-May-21
102.750
198
3.12
-8
-4
NBOBOM 3.125 19
N/A
Baa2
USD
7-Oct-19
101.250
166
2.70
-2
+1
NBOBOM 7.875 49
N/A
N/A
USD
Perpetual
104.250
580
7.16
-21
-21
OMGRID 3.958 25
BBB-
Baa1
USD
7-May-25
98.250
285
4.20
-31
-23
BKDBOM 6.85 49
N/A
N/A
USD
Perpetual
100.125
572
6.41
-8
-8
101.750
265
3.73
-6
-3
Jordan HIKLN 4.25 20
BB+
Ba1
USD
10-Apr-20 Kuwait
KWIPKK 8.875 16
BBB-
Baa3
USD
17-Oct-16
101.250
-10
0.52
-115
-275
KWIPKK 4.8 19
BBB-
Baa3
USD
5-Feb-19
105.750
135
2.37
-7
-10
KWIPKK 9.375 20
BBB-
Baa3
USD
15-Jul-20
125.500
138
2.47
-6
-10
KWIPKK 5 23
BBB-
Baa3
USD
15-Mar-23
106.750
259
3.83
-18
-12
NTBKKK 5.75 49
N/A
Baa3
USD
Perpetual
103.875
368
5.20
+11
+10
SHARSK 3.839 21
A
A3
USD
Perpetual
106.250
123
2.34
-5
-2
SHARSK 3.764 24
A
A3
USD
17-Sep-24
106.250
157
2.89
-9
-2
RAKS 3.297 18
A
N/A
USD
21-Oct-18
102.975
89
1.89
-11
-12
RAKS 3.094 25
N/A
N/A
USD
31-Mar-25
100.250
171
3.06
-4
+4
SIB 2.95 18
BBB+
N/A
USD
16-Apr-18
101.050
112
2.30
-3
-11
SIB 2.843 20
N/A
A3
USD
17-Mar-20
100.350
167
2.74
+6
+10
BOSUH 3.374 20
N/A
N/A
USD
8-Jun-20
99.750
236
3.44
-12
-8
RAKBNK 3.25 19
N/A
Baa1
USD
24-Jun-19
101.250
176
2.79
-9
-7
UAE (Other)
Source: NBAD
NBAD Global Markets Contact details G10 FX & Rates
EM FX & Rates
Craig Tredgett
Husain Askar
[email protected]
[email protected]
Alison Higgins
Ahmed ElAlami
[email protected]
[email protected]
G10 FX Spot
Non-Linear Rate &Derivatives
Phil Muldoon
Hein Van Der Wielen
[email protected]
[email protected]
Nourah Al Zahmi
Vijesh Peris
[email protected]
[email protected]
Mohamed Bouzoubaa
MENA Fixed Income Matthew Locke
[email protected]
[email protected]
Naoufal Alami
[email protected]
Market Insights & Strategy Chavan Bhogaita
[email protected]
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