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  5. First Abu Dhabi Bank P.J.S.C.
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    FAB   AEN000101016

FIRST ABU DHABI BANK P.J.S.C.

(FAB)
  Report
End-of-day quote. End-of-day quote Abu Dhabi Securities Exchange - 06/17
16.56 AED   -2.01%
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SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Oman raises $2 bln in first bond deal in over a year

10/21/2020 | 02:31am EDT

DUBAI, Oct 21 (Reuters) - Oman sold $2 billion on Wednesday in its first international bond sale since July 2019 in a two-part debt offer as the small Gulf oil producer seeks to fill state coffers squeezed by low oil prices and the coronavirus crisis.

Rated below investment grade by all major credit ratings agencies, Oman has piled on debt over the past few years and faces a yawning fiscal deficit of 10% this year, according to an International Monetary Fund forecast.

It sold $1.25 billion in seven-year bonds at 6.75% and $750 million in 12-year bonds at 7.375%, with orders topping $3.8 billion. It began marketing the seven-year paper at around 7% and the 12-year around 7.625%, a document from one of the banks arranging the deal showed.

People familiar with the plans had previously told Reuters Oman sought to raise between $3 billion and $4 billion in a three-part deal.

However, Oman scrapped a three-year tranche as it faces an aggressive debt repayment schedule between 2021 and 2023 and limited investor appetite for the offer, several bankers and fund managers said.

"Our estimate was that they wanted to do $3 billion. So I think the size might be a bit disappointing for them but I think they should be happier with the price," Abdul Kadir Hussain, head of fixed income asset management at Arqaam Capital.

The country has begun preliminary discussions with some Gulf countries about financial support, according to a bond prospectus seen by Reuters. Bahrain, the only other "junk" rated Gulf country, averted a credit crunch in 2018 when it was bailed out with a $10 billion aid package from its wealthy Gulf neighbours.

"If Oman had the kind of explicit Gulf support that Bahrain has, it may have saved 35 bps in new issuance premium on the seven-year tranche," a fixed income strategist said.

Bank Muscat , Citi , First Abu Dhabi Bank, HSBC, Natixis , Societe Generale and Standard Chartered arranged the deal. (Reporting by Yousef Saba and Davide Barbuscia; Editing by William Maclean and Tomasz Janowski)


ę Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
BANK MUSCAT SAOG 0.00% 0.42 End-of-day quote.17.26%
FIRST ABU DHABI BANK P.J.S.C. -2.01% 16.56 End-of-day quote.28.37%
HSBC HOLDINGS PLC -0.66% 423.75 Delayed Quote.11.85%
LONDON BRENT OIL 0.60% 75.18 Delayed Quote.42.48%
NATIXIS -0.05% 4.001 Real-time Quote.43.46%
SOCIÉTÉ GÉNÉRALE -1.07% 24.57 Real-time Quote.44.34%
STANDARD CHARTERED PLC -1.17% 466.1 Delayed Quote.0.04%
WTI 0.42% 73.139 Delayed Quote.49.08%
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More news
Financials
Sales 2021 17 952 M 4 888 M 4 888 M
Net income 2021 9 783 M 2 664 M 2 664 M
Net Debt 2021 - - -
P/E ratio 2021 18,3x
Yield 2021 4,30%
Capitalization 181 B 49 250 M 49 255 M
Capi. / Sales 2021 10,1x
Capi. / Sales 2022 9,21x
Nbr of Employees 5 451
Free-Float 66,6%
Chart FIRST ABU DHABI BANK P.J.S.C.
Duration : Period :
First Abu Dhabi Bank P.J.S.C. Technical Analysis Chart | FAB | AEN000101016 | MarketScreener
Technical analysis trends FIRST ABU DHABI BANK P.J.S.C.
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 10
Last Close Price 16,58 AED
Average target price 14,79 AED
Spread / Average Target -10,8%
EPS Revisions
Managers and Directors
NameTitle
Hana Al-Rostamani Group Chief Executive Officer
James Burdett Group Chief Financial Officer
Tahnoun bin Zayed bin Sultan Al-Nahyan Chairman
Fadhel Al Ali Deputy CEO & Group Chief Operating Officer
Ahmed Mohamed Sultan Al-Dhaheri Director
Sector and Competitors