每日新闻更新 - 阿布扎比的经济拓展与多元化 The Daily Update - Abu Dhabi’s expansion and diversification

最近我们新持有了阿布扎比国有原油管道(ADCOP)的债券,该债券于2047年到期,票息为4.6%,评级为Aa2,自从发布之日起就有不俗的收益表现,大约增长了2.54点,预期将继续提供有吸引力的回报率,我们认为回报率将达到约17%,收益率为4.4%。这支高评级债券还提供超过5.7档信用缓冲,也就是说市场交易价格按照Baa1/Baa2的等级评级。我们也很看好阿联酋发行的主权债券,一支债券到2047年到期,发布票息为4.125%,还有一支到2027年到期,票息为3.125%。两支债券都有超过3档信用缓冲,回报率和收益率分别为16.1%和7.2%。

昨天,ADCOP的母公司阿布扎比国有石油公司ADNOC宣布启动价值4000亿迪拉姆(约合1090亿美元)的五年期投资方案,用于拓展其在全球的炼油和石化部门。除投资下游运营,ADNOC还计划在未来五年开发生产“非传统天然气”,提高的生产效率进一步降低了ADNOC的生产成本。

另外,ADCOP在周末表示正在进行20亿美元的首次公开募股。集团总裁Sultan Al Jabeer指出,本次IPO将围绕燃油分销部门的发展展开,希望能开启业务的潜在价值。根据相关信息来源,将发行12.5-25亿股股票,每股价格在2.35-2.95迪拉姆之间,将有高达20%的燃油分销供经竞购;预计市场价值超过100亿美元。本次IPO筹资20亿美元,将成为阿联酋十年来最大的一次上市。这是阿联酋首次发行能源相关的债券,而考虑到该地区的政府大部分收入均来自油气领域,这多少有些奇怪。

交易的最终公告预计将于12月8日发布,股票平均趋向指标ADX预计将在发布后的周三提供。毫无疑问,我们将密切关注沙特阿美在本次交易后的动向,因为中东石油大国都在努力实现经济多元化。

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