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It’s a brisk (but unremarkable) morning on Planet Finance in the Middle East and around the world:
#1- Supermarket operator Spinneys has lined up cornerstone investors for its IPO, bringing in Emirates International Investment Company and Franklin Templeton, it said in a statement (pdf) yesterday. The two have committed to purchasing a total of AED 275 mn worth of shares in the offering.
Saudi investors are also eyeing the offering, Spinneys CEO Sunil Kumar told Reuters. Spinneys plans to open its first four stores in Saudi Arabia this year.
BACKGROUND: Spinneys aims to raise nearly AED 1.4 bn with the sale of a 25% stake in an IPO that should see trading begin on the Dubai Financial Market by 9 May.
ADVISORS- Our friends at HSBC Middle East are joint global coordinators alongside Emirates NBD Capital and Merrill Lynch. Our friends at EFG Hermes are joint bookrunners, while Rothschild Middle East is independent financial advisor. Emirates NBD Capital is also acting as listing advisor, while Emirates NBD Bank is lead receiving bank. Other receiving banks include our friends at FAB as well as MBank and Commercial Bank of Dubai.
#2- Abu Dhabi is looking to go back to the eurobond market after a three-year hiatus as issuers and buyers alike adjust to the idea that the US Federal Reserve isn’t about to cut rates anytime soon, Bloomberg reports. The emirate, which holds a AA rating or equivalent from all three major ratings agencies, is issuing USD-denominated bonds with maturities of five, 10, and 30 years in its first sale since 2021, Bloomberg says. It did not disclose the expected size of the offering.
ADVISORS- The sale is being managed by our friends at HSBC Middle East and FAB as well as ADCB, Citigroup, JPMorgan Chase, Morgan Stanley, and Standard Chartered.
MARKETS THIS MORNING-
Asian markets are solidly in the green this morning, with the Nikkei and Korea’s Kospi each up 2% or more after Wall Street posted a second day of gains yesterday, snapping its losing streak. Futures are in the green as far as the eye can see, pointing to a stronger opening in both major European markets and on Wall Street later today.
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TASI |
12,484 |
-0.2% (YTD: +4.3%) |
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MSCI Tadawul 30 |
1,563.4 |
-0.2% (YTD: +18.4%) |
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NomuC |
26,692 |
+0.4% (YTD: +8.4%) |
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USD : SAR (SAMA) |
3.75 Sell |
3.75 Buy |
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Interest rates |
6% repo |
5.5% reverse repo |
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EGX30 |
26,777 |
-4.9% (YTD: +7.6%) |
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ADX |
9,051 |
-0.3% (YTD: -5.5%) |
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DFM |
4,166 |
-0.03% (YTD: +2.7%) |
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S&P 500 |
5,071 |
+1.2% (YTD: +6.9%) |
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FTSE 100 |
8,045 |
+0.3% (YTD: +5.5%) |
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Euro Stoxx 50 |
5,008 |
+1.4% (YTD: +11%) |
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Brent crude |
USD 88.42 |
+1.6% |
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Natural gas (Nymex) |
USD 1.84 |
+1.3% |
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Gold |
USD 2,335 |
-0.3% |
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BTC |
USD 66,183 |
-1.4% (YTD: +133.7%) |
THE CLOSING BELL: TADAWUL-
The TASI fell 0.2% yesterday on turnover of SAR 8.4 bn. The index is up 4.3% YTD.
In the green: UCA (+6.7%), Atheeb Telecom (+4.8%) and Gulf Union AlAhlia (+4.5%).
In the red: Fitaihi Group (-4.8%), MBC Group (-4.4%) and Anaam Holding (-4.4%).
THE CLOSING BELL: NOMU-
The NomuC rose 0.4% yesterday on turnover of SAR 37.7 mn. The index is up 8.4% YTD.
In the green: Dar Al Markabah (+9.7%), Mayar (+7%) and AlQemam (+5%).
In the red: Raoom (-7.3%), NGDC (-5.6%) and Tadweer (-5.2%)
