Thank you for reading the news about Saudi spending dipped as Ramadan got underway and now with the details
Jeddah – Yasmine El Tohamy – RIYADH: Omani state energy company OQ and Abu Dhabi Ports are set to issue bonds in their first foray into the international fixed-income market, Bloomberg reported.
OQ is looking to raise at least $500 million, according to people familiar with the matter. It has hired Citigroup, HSBC Holdings and JPMorgan Chase to work on the seven-year dollar bonds. The initial yield talk is around 5.625 percent.
The government wants to leverage some of its hydrocarbon assets to bolster its finances, the people said.
Meanwhile, Abu Dhabi Ports is issuing 10-year bonds and has hired Citigroup, First Abu Dhabi Bank PJSC and Standard Chartered Plc to work on the deal, other people familiar with the matter said.
This deal is expected to price around 145 basis points over mid-swaps, they said.
Abu Dhabi Ports secured a $1 billion loan from a group of banks, Reuters reported earlier this week. The company’s debt-raising plans follow moves by Abu Dhabi National Energy Co., the emirate’s biggest utility known as Taqa, to potentially sell a stake.
Abu Dhabi Ports and Taqa are both owned by Abu Dhabi sovereign wealth fund ADQ.
These were the details of the news Saudi spending dipped as Ramadan got underway for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.
It is also worth noting that the original news has been published and is available at Arab News and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.