Saudi spending dipped as Ramadan got underway

Saudi spending dipped as Ramadan got underway
Saudi spending dipped as Ramadan got underway

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Jeddah - Yasmine El Tohamy - RIYADH: Omani state energy company OQ and Abu Dhabi Ports are set to issue bonds in their first foray into the international fixed-income market, Bloomberg reported.

OQ is looking to raise at least $500 million, according to people familiar with the matter. It has hired Citigroup, HSBC Holdings and JPMorgan Chase to work on the seven-year dollar bonds. The initial yield talk is around 5.625 percent.

The government wants to leverage some of its hydrocarbon assets to bolster its finances, the people said.

Meanwhile, Abu Dhabi Ports is issuing 10-year bonds and has hired Citigroup, First Abu Dhabi Bank PJSC and Standard Chartered Plc to work on the deal, other people familiar with the matter said.

This deal is expected to price around 145 basis points over mid-swaps, they said.

Abu Dhabi Ports secured a $1 billion loan from a group of banks, Reuters reported earlier this week. The company’s debt-raising plans follow moves by Abu Dhabi National Energy Co., the emirate’s biggest utility known as Taqa, to potentially sell a stake.

Abu Dhabi Ports and Taqa are both owned by Abu Dhabi sovereign wealth fund ADQ.

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