每日新闻更新 — 阿布扎比和沙迦 The Daily Update – Abu Dhabi & Sharjah

来自海湾合作委员会(GCC)地区的主权和准主权债券仍然是我们投资组合风险敞口的一个受欢迎的领域,因为许多发行都具有强大的信用能力,并且在我们的模型中表现出吸引力。此外,由于被更大范围内地纳入指数,海湾合作委员会地区受益于更多的来自投资者的兴趣和投资组合的流入:例如,摩根大通从2019年1月31日起开始分阶段将巴林、科威特、卡塔尔、沙特阿拉伯和阿联酋纳入其全球多元化新兴市场债券指数(EMBI-GD)。

为了说明该地区对证券发行的持续强劲需求,本周沙迦酋长国发行了10亿美元的伊斯兰债券,沙迦2026年期3.854%债券、MS+ 155个基点,订单超过43亿美元。若使用沙迦酋长国的最佳A3评级,在我们的模型上这次证券发行以大约1.7个级别的便宜价格进行交易。然而,就阿联酋酋长国而言,我们更倾向于那些我们认为估值更具吸引力的发行人,如像阿布扎比酋长国和一些准主权国家这样的债券发行人。

本周早些时候,穆迪确认阿布扎比长期发行人的评级为Aa2,前景稳定。他们指出,这一评级得到的支持是对“穆迪对主权国家的财政实力将保持在非常高的水平、政府债务非常低以及主权资产巨大等因素的期待。经济活动的中期增长、油气行业收入的前景、以及旨在发展非石油部门的改革也支持了这个评级。”

下边一组数字是为了说明阿布扎比发行人对某一特定信用评级和期限的一些更有吸引力的估值。穆巴达拉(Mubadala)发行的2029年期3.75%债券被穆迪/标准普尔/惠誉评为Aa2/AA/AA,是一个准主权发行人,其评级与阿布扎比一致,它由政府100%拥有,该投资工具具有战略重要性,在公共政策的制定中扮演重要着一定的角色。穆巴达拉2029年期3.75%债券以3.68%的收益率进行交易,在我们的模型上大约只有4.5个信用级别的便宜价格。阿布扎比政府2027年期3.125%的收益率为3.18%,看起来也很有吸引力,若使用标准普尔和惠誉的AA债券评级则为3.1个级别那么便宜。

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