Aswat Asharq Al-Awsat :

Aswat Asharq Al-Awsat : Saudi Aramco to Issue US dollar-Denominated Bonds

FILE PHOTO: Saudi Aramco logo is pictured at the oil facility in Abqaiq, Saudi Arabia October 12, 2019. REUTERS/Maxim Shemetov/File Photo
FILE PHOTO: Saudi Aramco logo is pictured at the oil facility in Abqaiq, Saudi Arabia October 12, 2019. REUTERS/Maxim Shemetov/File Photo
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Saudi Aramco to Issue US dollar-Denominated Bonds

FILE PHOTO: Saudi Aramco logo is pictured at the oil facility in Abqaiq, Saudi Arabia October 12, 2019. REUTERS/Maxim Shemetov/File Photo
FILE PHOTO: Saudi Aramco logo is pictured at the oil facility in Abqaiq, Saudi Arabia October 12, 2019. REUTERS/Maxim Shemetov/File Photo

Saudi Aramco has said it intends to issue US dollar-denominated international bonds under its Global Medium Term Note Program.

Aramco hired banks to sell bonds maturing in 10, 30 and 40 years, it said in a statement on Tadawul.

It said that its US dollar-denominated bonds are direct, general, unconditional, and unsecured obligations of the company.

The issuance is managed by Citi, Goldman Sachs International, and HSBC. JP Morgan, Morgan Stanley, and SNB Capital are also participating as active joint bookrunners.

Additional joint bookrunners include Abu Dhabi Commercial Bank, anb capital, and Bank of China, alongside BofA Securities, BSF Capital, and Emirates NBD Capital Limited.

It also includes First Abu Dhabi Bank, GIB Capital, and Mizuho, along with MUFG, Natixis, Riyad Capital, SMBC Nikko, and Standard Chartered Bank.

Aramco, which last tapped global debt markets in 2021 when it raised $6 billion from three-tranche sukuk, flagged in February it was likely to issue bonds this year.

Gulf companies and governments have raised funds in debt markets this year to take advantage of favorable market conditions, with Saudi Arabia issuing $12 billion of dollar-denominated bonds in January.



Aswat Asharq Al-Awsat : Gold Drifts Higher as US Rate Cut Optimism Boosts Appeal

A jeweller shows a gold bar at his shop in downtown Kuwait City on May 20, 2024. (Photo by YASSER AL-ZAYYAT / AFP)
A jeweller shows a gold bar at his shop in downtown Kuwait City on May 20, 2024. (Photo by YASSER AL-ZAYYAT / AFP)
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Gold Drifts Higher as US Rate Cut Optimism Boosts Appeal

A jeweller shows a gold bar at his shop in downtown Kuwait City on May 20, 2024. (Photo by YASSER AL-ZAYYAT / AFP)
A jeweller shows a gold bar at his shop in downtown Kuwait City on May 20, 2024. (Photo by YASSER AL-ZAYYAT / AFP)

Gold prices nudged higher on Tuesday as comments from Federal Reserve Chair Jerome Powell bolstered the case for a September rate cut, while investors awaited more US economic data for further monetary policy cues.

Spot gold rose 0.1% to $2,423.89 per ounce by 0140 GMT. On Monday, prices hit their highest level since May 20, when bullion scaled a record peak of $2,449.89.

US gold futures were flat at $2,429.90.

"Powell continued to lay the groundwork for upcoming policy easing. A rate cut in September is now fully priced in by markets, which may keep sentiments in gold prices well-supported in the lead-up," said IG market strategist Yeap Jun Ron, Reuters reported.

Powell said on Monday the three US inflation readings over the second quarter of this year "add somewhat to confidence" that the pace of price increases is returning to the Fed's target in a sustainable fashion, remarks that suggest a turn to interest rate cuts may not be far off.

When interest rates decrease, the allure of non-yielding bullion typically increases.

Investors were awaiting US retail sales data due at 1230 GMT on Tuesday and comments from Fed governors Christopher Waller and Adriana Kugler later this week for further direction.

A subdued retail sales report may underpin gold prices on dovish Fed bets, while a break to a fresh high will mark a continuation of gold's broader upward trend, which may leave the $2,600 level on watch next, Yeap said.

Elsewhere, India's four-week platinum imports from mid-June eclipsed 2023's total as bullion dealers exploited a loophole by registering alloys containing around 90% gold as platinum to avoid higher duties, government and industry officials told Reuters.

Among other metals, spot silver fell 0.9% to $30.72 per ounce and platinum eased 0.4% to $991.40, while palladium rose 0.2% to $951.84.