Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Kuwait investment firm plans to sell dollar bonds  Join our daily free Newsletter

MENAFN - Khaleej Times - 25/01/2014
No. of Ratings : 0
Add to Mixx!


(MENAFN - Khaleej Times) Kuwait Projects Co, with interests from banks to real estate, started investor meetings and may raise as much as 500 million from the sale, the company said on Wednesday. The yield on the October 2016 bond of Kipco, as the company is known, tumbled 152 basis points since last year's high in June to 3.3 per cent on Thursday



Kipco, whose biggest shareholder is controlled by the Al Sabah ruling family, stands to benefit from the 110 billion in planned spending for projects including a power station and an oil refinery. It would be the first dollar bond from a Kuwaiti company since 2012, according to data compiled by Bloomberg



It's "a good time to issue as the rates have eased," and because the Fed may announce more monetary tapering at its meeting next week, Montasser Khelifi, a Dubai-based senior manager for global markets at Quantum Investment Bank Ltd., said in e-mailed comments. "It's also interesting for investors to see an issue from Kuwait as we haven't seen one for a long time.



Cutting cost



Bond sales in the six-nation Gulf Cooperation Council, which includes Saudi Arabia, fell 4.1 per cent in 2013 to 41.1 billion as issuers held off after Treasury yields rose. Societe Generale SA expects sales to rebound this year as several issues are revived



Kipco last sold dollar bonds in July 2010, raising 500 million from 10-year seurities at a coupon of 9.375 per cent. The bonds were trading at a yield of 5.47 per cent




"I don't think they would need to pay more than 4.5 per cent" at current rates on a five-year bond, Amol Shitole, a credit analyst at SJS Markets Ltd. in Bangalore, India, said by phone



Kipco will sell the debt under its euro medium-term note programme if market conditions permit, a person familiar with the deal said January 21. The company hired BNP Paribas SA, HSBC Holdings Plc and JPMorgan Chase & Co to arrange investor meetings in Asia, the Middle East and Europe, said the person, who asked not to be identified because details are private



Yields declin



The Fed said in December it will cut monthly bond buying by 10 billion in January to 75 billion amid signs of an economic recovery



While it will probably keep trimming the purchases by the same amount at each Federal Open Market Committee meeting, economists forecast in a Bloomberg survey January 10, the yield on benchmark US 10-year notes has declined 18 basis points, or 0.18 of a percentage point, this month to 2.85 per cent



Kipco may use the proceeds from the sale for acquisitions, a capital increase at its Turkish unit or for refinancing its bond that comes due in 2016, Olga Budovnits, a Zurich-based emerging-market credit analyst at Union Bancaire Privee, said by e-mail on January 21

 


Khaleej Times




  MENA News Headlines
 Feb 27 2017 - Egypt- Coptic families' outflow from Al-Arish heading to Ismailia is still ongoing: residentsDaily News Egypt
(MENAFN - Daily News Egypt) For the third consecutive day, the outflow of Coptic families deciding to flee their residences located in the North Sinai city of Al-Arish to the governorate of ...

 Feb 27 2017 - Dina Farms registered sales of EGP 570m in 2016Daily News Egypt
(MENAFN - Daily News Egypt) Qalaa Holdings' Dina Farms aims to achieve 38% growth in sales to reach EGP 790m in 2017, up from EGP 570m in 2016. Managing director of the company, Raouf Tawfik, ...

 Feb 27 2017 - Egypt- Kernile to inaugurate new peanuts production line this month: executive managementDaily News Egypt
(MENAFN - Daily News Egypt) Kernile Ltd. plans to boost its production capacity to 30,000 tonnes of peanuts a year after the new expansions carried out recently. Director of the company's ...

 Feb 27 2017 - Gulfood celebrates 30-year anniversary with new categorisationDaily News Egypt
(MENAFN - Daily News Egypt) The Gulfood Exhibition is preparing to mark its biggest change in categorisation in its 30 years since its establishment. The exhibition launched on Sunday and will ...

 Feb 27 2017 - Egypt- 20% expected increase in exports of El-Horreya 2000 in 2017Daily News Egypt
(MENAFN - Daily News Egypt) El-Horreya 2000 for Food Industries aims to increase its exports by 20% in 2017. The company's managing director, Hassan Fendi, said that the company is planning to ...

 Feb 27 2017 - Egypt- Rolin studies developing a housing project in SharabeyaDaily News Egypt
(MENAFN - Daily News Egypt) The General Construction Company (Rolin), a subsidiary of the Holding Company for Construction and Development (HCCD), is now studying to develop a land it owns in the ...

 Feb 27 2017 - Egypt- Mahmoud Mokhtar Museum hosts "A Story of Her" Exhibition in MarchDaily News Egypt
(MENAFN - Daily News Egypt) In the presence of professor Khaled Sorour, head of the Fine Arts sector in Egypt, Mahmoud Mokhtar Museum hosts the "A Story of Her" exhibition of the leading ...

 Feb 27 2017 - Egypt- Japanese Film Week revives Japan's 'taste of life'Daily News Egypt
(MENAFN - Daily News Egypt) Slovenian philosopher Slavoj Žižek said, "Cinema is the ultimate pervert art. It doesn't give you what you desire—it tells you how to desire.' Believing in that ...

 Feb 27 2017 - Egypt- Controversial preacher sentenced to 5 years for insulting IslamDaily News Egypt
(MENAFN - Daily News Egypt) On Sunday the Shubra El-Kheima Misdemeanours Court sentenced Muslim preacher Mohamed Abdullah, known as 'Sheikh Mizo' to five years in prison on charges of contempt of ...

 Feb 27 2017 - Egypt- Al-Sisi, Al-Tayeb review Al-Azhar's latest effort on renewing religious discourseDaily News Egypt
(MENAFN - Daily News Egypt) President Abdel Fattah Al-Sisi received the Grand Imam of Al-Azhar, Ahmed Al-Tayeb, in a meeting on Sunday, in which Al-Tayeb reviewed recent efforts for renewing ...

more...


 





Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Search News
Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help