EM CEEMEA CREDIT: KZOKZ: 1Q25: Operationally strong but top line weighed
May-23 14:40
KazMunayGas National (KZOKZ: Baa1/BB+/BBB)
1Q25 results: Operationally strong but top line weighed down by oil price
- Results weighed down by weaker underlying prices, which is no surprise, but FCF generation is robust, capital structure modest and credit profile strong in our opinion. KazMunaygas reported a solid operational update earlier in the month (see link: https://mni.marketnews.com/43ymnT6 ). During Q125 revenues were marginally higher at +0.6% YoY at KZT2,241bn, average Brent price achieved was -6.9% YoY. Dividends from JV’s helped EBITDA +6.2% YoY at KZT582bn and FCF of KZT283bn. Net debt declined by 10.7% YoY to KZT933bn and leverage remains very modest around 0.5x.
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BONDS: Off Pullback Lows As Crude Softens, U.S. Tariff Reduction Quesitoned
Apr-23 14:31
Core global FI markets are off pullback lows, while equities are off session highs, with a couple of factors at play:
- Suggestions that the previously touted potential reductions in U.S. tariffs on China would not be unilateral and would form part of the U.S. negotiation plans with China. Multiple newswire sources also indicated that there is no evidence that China and the U.S. are currently engaging in such negotiations.
- A fresh move lower in crude oil prices after RTRS sources suggested that several OPEC+ members want the group to approve another accelerated oil output increase at their May 5 meeting.
GILT AUCTION PREVIEW: On offer next week
Apr-23 14:31
The DMO has announced it will be looking to sell GBP4.5bln of the 4.375% Mar-28 Gilt (ISIN: GB00BSQNRC93) at its auction next Wednesday, April 30.
MNI: US EIA: CRUDE OIL STOCKS EX SPR +0.24M TO 443.1M APR 18 WK
Apr-23 14:30
- US EIA: CRUDE OIL STOCKS EX SPR +0.24M TO 443.1M APR 18 WK
- US EIA: DISTILLATE STOCKS -2.35M TO 106.9M IN APR 18 WK
- US EIA: GASOLINE STOCKS -4.48M TO 229.5M IN APR 18 WK
- US EIA: CUSHING STOCKS -0.09M TO 25.0M BARRELS IN APR 18 WK
- US EIA: SPR +0.47M TO 397.5M BARRELS IN APR 18 WK
- US EIA: REFINERY UTILIZATION WEEK CHANGE +1.8% TO 88.1% IN APR 18 WK
