每日更新 - 中东交易 The Daily Update - Middle East deals

今天能看到六月最后一天市场及回顾整个六月的行情!在最近的危困中,我们在新兴的市场和“前沿”市场的投资组合已经从风险反弹中获益,如中东反弹。

本周我们得知阿布扎比正在寻求合并它的两个具有重要战略意义的主权财富基金,国际石油投资公司(IPIC)和穆巴达拉发展公司。此交易是紧跟着上周公布的酋长国寻求简化操作、降低成本、实现协同效应和多样化需国有银行联营声明的。

普通读者都知道,IPIC一直是我们的长期的最爱,而我们目前也都是IPIC和穆巴达拉公司发行的债券持有者。IPIC是由酋长国控股的主要投资于全球能源和其相关领域的公司。穆巴达拉主要是支持酋长国经济从主要依靠碳氢化合物发展成多样化经济的投资工具。据有关消息可知,合并后的资产可能在1350亿美元左右及债务大约为420亿美元。一份官方声明表示:“整合这两个实体将创造更大的效益,并且提高阿布扎比政府的经济价值。”

目前还没有有关合并的时间表,此合并由IPIC的主席主持,而副主席将由穆巴达拉首席执行官担任。我们对合并持乐观态度,其实声明已经让市场积极响应,我们所持有的(Aa2的评级)也发生反弹;IPIC 已经上涨两个点至6.87%2041,同时穆巴达拉从发表声明后已经反弹将近一个点,是自发行以来的最高点达到了2.75%2023。IPIC的曲线比穆巴达拉曲线更宽,声明公布后,IPIC曲线利差已经收紧。此两者在风险调整后的预期回报收益分别为〜24%和6.7%,以及分别有3个和4个的信贷缺口保护。

此外,本周沙特阿拉伯宣布其正在准备对一个完全整合的从原油到化工成品的工厂进行可行性分析找到削减成本的方式,减少塑料的中间成本。国有石油公司和沙特基础工业公司之间可能存在的合资公司的研究预计将在2017年初完成,并在沙特的“愿景2030”内。该合资企业可能导致王国的石化产量大幅增加,同时促进出口,增加就业机会和刺激产业与技术领域的多样化。沙特基础工业公司官员先前评论说,该项目将花费大约300亿美元,也将成为同一阶段最难建成的项目。

我们置身于沙特阿拉伯是通过王国统治性的公用事业公司,沙特电力(SECO),被三大评级机构评为A2 / A-/ A +。这两只股票5.06%2043和5.5%2043都在本月经历了英国退欧的反弹风险后分别都收紧在0.5个百分点和0.4个百分点,仍然保持着吸引力分别为5.2%和5.4%。

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