EM CEEMEA CREDIT: Binghatti: FV for $ 5Y Sukuk
Jul-31 07:17
(BINHLD; Ba3/NR/BB-)
IPT @ 8.50% FV @ 8.00%
- UAE’s Binghatti Holding Ltd is out in primary with a $ 5Y in Sukuk format, we see FV around z+440bp or 8.00% yield area. The seasoned BINHLD 27s chart at z+350bp, that is approx. 30bp pa for the extension.
- Among comparables, we look at Arada Developments (B1/NR/BB-), whose recently issued 5Y deal has seen strong demand. Our screen feeds show ARADAD 30s charting at z+350bp or 7.10% yield, having priced through FV at 7.15%. That gives some 90bp pick up for the proposed BINHLD deal.
- For reference we also look at UAE’s Sobha Realty (Ba2/BB/NR), with SOBHA 29s charting at z+350bp or 7.10% as well as Saudi Arabia’s Dar Al Arkan (B1/NR/NR), with DARALA 30s also charting at z+350bp or 7.10%.
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Historical bullets
BOE: Bailey on yields and QT
Jul-01 07:16
Bailey asked whether he's concerned with yields rising:
- Says that the short-end and 5-year hasn't moved much.
- Says that the long-end has moved globally but notes that the UK's debt is double that of some other countries so debt matters more but WAM is much higher in the UK.
- When asked on QT - says will look at implications of the steepening of the curve when thinking about the year ahead. Says it is a "live decision" re QT.
- On the steepening on the curve he says there's been a high level of uncertainty in the world economy and a change in liquidity.
MNI: SPAIN JUNE MANUFACTURING PMI 51.4 (50.5 CONS; 50.5 PRIOR)
Jul-01 07:16
- MNI: SPAIN JUNE MANUFACTURING PMI 51.4 (50.5 CONS; 50.5 PRIOR)
SILVER TECHS: Monitoring Support
Jul-01 07:12
- RES 4: $39.026 - 1.382 proj of the Apr 7 - 25 - May 15 swing
- RES 3: $38.246 - 1.236 proj of the Apr 7 - 25 - May 15 swing
- RES 2: $38.000 - Round number resistance
- RES 1: $37.317 - High Jun 18 and the bull trigger
- PRICE: $36.431 @ 08:11 BST Jul1
- SUP 1: $35.799 - 20-day EMA
- SUP 2: $34.657/31.651 - 50-day EMA / Low May 15
- SUP 3: $30.915/28.351 - Low Apr 11 / 7 and the bear trigger
- SUP 4: $27.686 - Low Sep 6 ‘24
A bull cycle in Silver remains in play and recent weakness appears corrective. The metal has recently traded through resistance at $34.903, the Oct 23 ‘24 high and a key bull trigger. The break of it marks an important medium-term bullish development. Sights are on the $38.00 handle next. On the downside, initial support to watch lies at $35.799, the 20-day EMA. It has been pierced, a clear break of it would open $34.657, the 50-day EMA.
