每日新闻更新 - 阿布扎比 The Daily Update – Abu Dhabi

最近,标普将阿布扎比的长期外币评级确定为AA级(稳定),并预期该酋长国所拥有的全球最大规模的净资产将“对商品市场波动产生的经济影响提供可观的缓冲”。稳定的前景展望说明标普“预期阿布扎比的经济会逐渐提振,该国的财政将在未来两年继续保持稳健,尽管结构性和制度性劣势可能会持续存在”。

阿布扎比政府债券曲线看上去仍然很有吸引力,也符合我们的投资标准,但我们认为准主权债券拥有更多价值,阿布扎比原油管道项目就是其中一个例子:该项目由阿布扎比全额所有的阿布扎比国家石油公司间接持有。阿布扎比原油管道项目及其主要合同当事方均为政府相关主体,在战略性项目中发挥重要作用。标普和惠誉对阿布扎比原油管道项目的评级与对阿布扎比政府的平均保持一致,均为AA。

阿布扎比原油管道项目拥有一条长405公里的管道,从阿布扎比的哈布珊油田一直通到富查伊拉港,所运石油占阿布扎比国家石油公司石油产量的23%。该管道从2012年投入运营,技术成熟,避开了拥挤的霍尔木兹海峡,减少了运输时间。阿布扎比原油管道项目与阿布扎比国家石油公司陆上公司签署了一份为期37年的使用和运营协议,这是前者的收入来源,后者是该管道的运营商,拥有该项目60%的股份。

阿布扎比政府债券(2047年到期,票息4.125%)的收益率接近4.2%,有4档信用缓冲。但阿布扎比石油管道项目(2047年到期,票息4.6%)的收益率更有吸引力,为4.5%,按照我们的模型,有6档信用缓冲。

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