Saudi Arabia, the Arab world's largest economy, said its 13 billion Saudi riyal (Dh12.7bn) Islamic bond sale drew demand for nearly three times the amount of sukuk on sale.
Subscription for the issue, which was divided into three tranches, exceeded 38bn riyal, the equivalent of 295 per cent coverage ratio, the Saudi Arabian Ministry of Finance said on its web site.
The Islamic bonds were issued as part of the Saudi Arabian government riyal denominated sukuk program. The government sold a 2.1 bn riyal tranche that matures in 2022, a 7.7 bn riyal tranche that matures in 2024 and a 3.2bn riyal tranche that matures in 2027.
The ministry didn't give the profit rates that came with Islamic issue. Bloomberg News, citing people familiar with the sale, said the five-year sukuk was priced at 2.70 per cent, the seven-year at 3.20 per cent and the 10-year securities at 3.50 per cent.
Gulf countries have drawn down on reserves, taken advantage of low borrowing costs and turned to international and regional markets to raise debt as a three year oil slump has decreased revenues and widened budget deficits.
"We expect GCC states to continue borrowing both domestically and internationally, ramping up their debt burdens," BMI Research, a unit of Fitch said in a report today. "While borrowing costs will rise, we expect all GCC governments to retain access to foreign funding in the years ahead, as debt ratios remain relatively low across the region."
Last month, the kingdom sold 17 billion Saudi riyals of sukuk under a newly-launched issuance programme. In April, Saudi Arabia sold US$9bn worth of international sukuk, its first foreign sale of Islamic bond.
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Read more:
Saudi Arabia can earn 80bn riyals in non-oil income
Higher interest rates and cost cutting lifts Saudi banks outlook
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In October Saudi Arabia sold $17.5bn worth of bonds internationally for the first time to help shore up its finances to offset revenue shortfalls from stagnant oil prices. Prior to that, the government was selling 20bn riyals of bonds to banks each month since mid-2015 to help finance its budget deficit.
The government is forecasting a budget deficit of 198bn riyals for 2017, compared with an actual deficit of 300bn riyals last year. This month Saudi Arabia's Ministry of Finance said the kingdom narrowed fiscal deficit by a fifth from a year earlier in the second quarter, thanks to an uptick in revenues and a drop in spending.
Revenues rose 6 per cent year-on-year to 163.9bn riyals during the second quarter, with oil revenues surging 28 per cent to 101bn riyals on higher oil prices.
Spending fell 1.3 per cent to 210.4bn riyals in the second quarter, leading to a deficit of 46.5bn riyals, compared to a deficit of 58.4bn riyals in a year earlier period.
The state relies on sales of crude to fund more than 75 per cent of its budget. The plummeting of oil prices, which began in late-2014 has prompted the government to try and plug the gap in its finances via debt sales, reduction in subsidies and new forms of taxation.
Fiscal deficits across the GCC are set to narrow gradually to an average of 10.3 per cent of GDP in 2017 and 5.0 per cent annually over the 2018-2022 period from 11.3 per cent of GDP for 2016, according to BMI.
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Six pitfalls to avoid when trading company stocks
Following fashion
Investing is cyclical, buying last year's winners often means holding this year's losers.
Losing your balance
You end up with too much exposure to an individual company or sector that has taken your fancy.
Being over active
If you chop and change your portfolio too often, dealing charges will eat up your gains.
Running your losers
Investors hate admitting mistakes and hold onto bad stocks hoping they will come good.
Selling in a panic
If you sell up when the market drops, you have locked yourself out of the recovery.
Timing the market
Even the best investor in the world cannot consistently call market movements.
Company%20profile
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TEACHERS' PAY - WHAT YOU NEED TO KNOW
Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:
- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools
- average salary across curriculums and skill levels is about Dh10,000, recruiters say
- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance
- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs
- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills
- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month
- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues
BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
History's medical milestones
1799 - First small pox vaccine administered
1846 - First public demonstration of anaesthesia in surgery
1861 - Louis Pasteur published his germ theory which proved that bacteria caused diseases
1895 - Discovery of x-rays
1923 - Heart valve surgery performed successfully for first time
1928 - Alexander Fleming discovers penicillin
1953 - Structure of DNA discovered
1952 - First organ transplant - a kidney - takes place
1954 - Clinical trials of birth control pill
1979 - MRI, or magnetic resonance imaging, scanned used to diagnose illness and injury.
1998 - The first adult live-donor liver transplant is carried out
The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
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Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Blackpink World Tour [Born Pink] In Cinemas
Starring: Rose, Jisoo, Jennie, Lisa
Directors: Min Geun, Oh Yoon-Dong
Rating: 3/5
Genesis G80 2020 5.0-litre Royal Specs
Engine: 5-litre V8
Gearbox: eight-speed automatic
Power: 420hp
Torque: 505Nm
Fuel economy, combined: 12.4L/100km
Price: Dh260,500
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BORDERLANDS
Starring: Cate Blanchett, Kevin Hart, Jamie Lee Curtis
Director: Eli Roth
Rating: 0/5
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The Gandhi Murder
- 71 - Years since the death of MK Gandhi, also christened India's Father of the Nation
- 34 - Nationalities featured in the film The Gandhi Murder
- 7 - million dollars, the film's budget
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Seven%20Winters%20in%20Tehran
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