Abu Dhabi Abu Dhabi will launch a benchmark dollar-denominated bond following investor meetings in the US and Europe commencing next week, Citigroup, one of the arrangers of the deal said.
The bond is part of a global medium term note programme that the emirate has mandated Citi, Deutsche Bank and JPMorgan to arrange, Citi said. “With the recent compression in [credit default swaps] spreads, it appears that Abu Dhabi wants to capitalise on improving market sentiment to raise funds abroad,” said Delphine Arrighi, Standard Chartered Middle East and Africa fixed income and rates strategist.
Sharjah United Arab Bank (UAB) has reported a net profit of 18.4 per cent to achieve Dh250.2 million during the fiscal year ending December 31, 2008, compared to Dh211.3m the bank made in 2007.
According to the 2008 UAB business report, the bank recorded a 19.2 per cent rise in its share dividend, while its net operational revenue also rose by 22.6 per cent to reach Dh397m, compared to Dh324m in 2007.
The bank’s total assets stood at Dh7.5 billion, appreciating by 22.2 per cent against 2007, its total loans and lending also rose by 39.7 per cent to reach Dh5.5bn, while its total customer deposits also rose by 20.5 per cent to reach Dh5bn.
New York Crude oil is poised to gain for a fifth week, the longest winning streak in 11 months, on the Federal Reserve’s plan to end the recession by spending $1 trillion (Dh3.67trn) buying back debt.
Oil climbed above $50 a barrel on Thursday to close at a three-month high as the Fed’s plans spurred expectations that efforts to end the economic slump will aid a recovery in oil demand. The dollar traded near a two-month low against the euro, prompting investors to purchase oil and other commodities.
“The positive oil price is being supported by the weakening dollar and a strengthening in the equity markets,” said Gareth Lewis-Davies, an analyst at Dresdner Kleinwort Group in London. “There has been a reaffirmation in the relationship between oil and the dollar.” Crude oil for May delivery, the most actively traded contract, was at $51.68 a barrel, down 36 cents, on the New York Mercantile Exchange at 9.45am in London.
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