DAILY MARKET UPDATE - QATAR
DAILY MARKET UPDATE - QATAR February 21, 2012 Close Price (QAR)
Trading Activity
TOP GAINERS Medicare Gulf International Islamic Holding TOP LOSERS Cinemas Al Khaleej Takaful Islamic Insurance TOP TRADED Gulf International UDC Rayan
Change
Foreign Holding Limit (%) (%)
Vol. (mn)
P/E TTM
0.09
12.59
Value
%
26.15
+1.15
+4.60
5.47
20.50
24.40
+0.96
+4.10
9.36
17.50
1.71
12.32
22.98
+0.58
+2.59
8.31
21.88
0.002
14.86
69.00
-4.40
-5.99
5.48
25.00
0.00
29.46
45.00
-1.00
-2.17
1.39
22.50
0.01
8.67
57.50
-1.20
-2.04
3.72
22.75
0.004
17.72
24.40
+0.96
+4.10
9.36
17.50
1.71
12.32
25.00 26.25
+0.50 -0.10
+2.04 -0.38
20.60 16.36
25.00 49.00
0.79 0.73
1.07 13.98
Buy
Sell
33.84% 31.28% 65.12% 13.78% 21.10% 34.88%
37.10% 23.76% 60.86% 15.76% 23.38% 39.14%
Trading Summary Qatari Individuals Qatari Institutions Qatari - Total Foreign Individuals Foreign Institutions Foreign - Total
According to Qatar Central Bank, Qatar’s banking sector’s total assets witnessed a 22.3% rise in 2011 compared to 21.3% in the previous year. However, total customers’ deposits rose slower at 18.5% in 2011 compared to 24.3% in the previous year. Qatar’s sovereign wealth fund Qatar Investment Authority (QIA) completed the acquisition of Credit Suisse’s headquarters in London and leased it back to the bank under a long-term agreement that expires in 2034. The value of the deal was not disclosed. Salam International Investments (SIIL) announced plans to establish several small and medium enterprises (SMEs) in the electrical equipment and products sector as part of its strategy to strengthen the manufacturing base in the country.
Market Movement Summary
Qatar (DSM)
8,650
+27.26
+0.32
+0.96
-1.47
Saudi Arabia (TASI)
6,904
+34.43
+0.50
+4.20
+7.58
UAE (ADX)
2,504
+15.10
+0.61
+2.05
+4.24
UAE (DFM)
1,569
-2.15
-0.14
+9.28
+15.93
Kuwait (KSE)
6,115
+31.30
+0.51
+4.18
+5.17
Oman (MSM)
5,676
+6.33
+0.11
+2.06
-0.34
1,150
+2.20
+0.19
+0.86
+0.52
116
+0.50
+0.43
+2.71
+3.98
2,284
+11.93
+0.53
+4.03
+10.69
+45.79
+0.35
+2.51
+5.99
60
Bahrain (BAX)
9,000
50
S&P GCC
40
8,500
30 8,000 7,500 7,000 Aug-11 Volume
Nov-11
Volume (mn)
9,500
May-11
Global Dow Jones Ind. Avg*
12,950
10
Nasdaq*
2,584
-8.05
-0.31
+4.71
+13.45
0
Nikkei
9,485
+100.92
+1.08
+7.75
+12.18
FTSE
5,945
+40.18
+0.68
+4.64
+6.69
Hang Seng
21,425
-66.83
-0.31
+5.07
+16.22
CAC
3,473
+32.92
+0.96
+5.27
+9.90
MSCI Global
1,296
+8.37
+0.65
+4.48
+9.63
Nifty 50*
5,564
+42.35
+0.77
+7.02
+20.33 +10.95
Feb-12
Index Level
Date
Dow Jones Islamic
20
Source: Qatar Exchange
Company Announcements
Performance MTD (%) YTD (%)
GCC
QE Index
Feb-11
Change Value %
Closing Level
Indices
Source: Qatar Exchange
Index Value
Qatar News
Details
Qatar Fuel
26 Feb 2012
Earnings Release
Commodity
Barwa
26 Feb 2012
Earnings Release
Gold Spot
1,735
+11.57
+0.67
-0.15
Mannai
27 Feb 2012
Earnings Release
WTI Crude*
103.24
+0.93
+0.91
+4.83
+4.46
Qatar Meat
29 Feb 2012
Earnings Release
Natural Gas*
2.68
+0.12
+4.56
+7.23
-10.20
Source: Qatar Exchange
* Date as of close 17 Feb, 2012
5-yr CDS of GCC Nations
P/E (x)
P/BV (x)
Dividend Yield (%)
Value Traded (USD mn)
Qatar (QE)
11.55
1.83
3.36
68.18
Saudi Arabia (TASI)
12.76
1.91
2.94
2,849.86
200
UAE (ADX)
8.27
1.05
4.15
57.44
100
UAE (DFM)
10.16
0.95
3.24
79.07
Kuwait (KSE)
13.94
1.40
4.65
271.56
Oman (MSM)
10.80
1.55
4.77
9.15
Bahrain (BAX)
8.06
0.93
3.54
1.15
GCC Market Analysis
600 500 400 300
Qatar
Dubai
Bahrain
Abu Dhabi
Saudi Arabia
Feb-12
Jan-12
Dec-11
Nov-11
Oct-11
Sep-11
Aug-11
Jul-11
Jun-11
May-11
Apr-11
Mar-11
Feb-11
0
Source: Zawya
Source: Reuters Brokerage Head of Brokerage: Ossama K Alasadi; 44490521
Economic Research Senior VP & Chief Economist: Dr Abdulaziz A Al-Ghorairi; 44202663 Associate: Rajat Gupta, CFA; 44202627
DAILY MARKET UPDATE - QATAR February 21, 2012
Bond News
Qatar vs. US Treasuries 6.00%
Treasuries fell for a third day as European governments moved toward a second bailout package for Greece. The yield on 10-year U.S. Treasuries rose to 2.03% (from 2.01%) and 30-year yield stood at 3.17% (from 3.15%). Almarai Co., the Gulf’s biggest dairy firm by market value, plans to start a road show to issue a riyal denominated Sukuk (Islamic bond). Almarai has mandated HSBC to act as the arranger. Emirates NBD, the UAE’s largest bank by asset size, is likely to be the first Gulf bank to issue yuan-denominated bonds. Emirates NBD has mandated Emirates NBD Capital Limited, HSBC and Standard Chartered Bank to arrange investor meetings in Hong Kong and Singapore ahead of the proposed CNH (offshore Chinese yuan)-denominated bond, under the bank’s USD7.5bn medium-term notes programme.
5.30% 3.79%
4.00%
3.15% 1.73%
2.00%
2.72%
2.17%
0.29%
0.42%
2 yr
3yr
2.00% 0.86%
0.00% 5yr Qatar
10yr
30yr
US
Source: Reuters
Price*
Yield Z-spread
Rating (Moody's)
Maturity
Coupon
Issue Size (USD Mn)
2.02 2.67 3.48 3.71 4.05 4.95 5.26 5.23 2.19 3.99 2.97 4.14 4.46 5.00 2.88 4.93 3.39
141.52 161.29 197.15 204.13 206.51 258.79 266.43 260.61 151.93 225.24 199.06 262.77 263.06 268.68 211.67 336.63 228.24
Aa2 Aa2 Aa2 Aa2 Aa2 Aa2 Aa2 Aa2 Aa2 Aa2 A2 A2 A2 A2 Aa3 A2 Aa3e
2015 2017 2019 2020 2022 2030 2040 2042 2015 2020 2016 2019 2021 2025 2015 2019 2017
4.000 3.125 6.550 5.250 4.500 9.750 6.400 5.750 3.500 5.000 3.375 7.875 4.750 5.000 3.125 7.500 3.375
3,500 2,000 1,000 2,500 2,000 1,400 1,000 1,000 1,000 2,500 1,000 600 1,000 750 1,500 600 1,000
5.06 3.08 4.43 4.78 5.38 6.67 4.79 5.35 2.90 5.42 5.37 6.86 7.28
4.74 2.89 4.31 4.69 5.32 6.60 4.68 5.27 2.67 5.23 5.17 6.75 7.28
174.97 205.20 281.32 286.70 338.36 405.82 310.14 335.17 205.94 461.78 423.37 503.69 477.22
Aa2 Aa3 Aa3 Aa3 Aa3 Aa3 A3 A3 Aa3 Ba1 Ba1 Ba1 Baa3
2019 2016 2019 2021 2022 2041 2019 2021 2015 2015 2016 2020 2037
6.750 3.750 7.625 5.500 5.500 6.875 6.250 5.875 4.250 8.500 6.375 7.375 6.850
1,500 750 500 750 1,500 750 500 750 750 1,000 500 1,500 1,750
107.50 109.86 109.80
6.96 7.95 6.59
6.96 7.75 6.37
594.50 613.54 474.23
Baa3 Baa3 Baa1
2016 2020 2020
8.875 9.375 7.875
500 500 400
101.13 103.45
101.84 104.28
2.67 3.07
2.48 2.80
174.30 222.93
A1 Aa3
2015 2015
3.000 4.250
1,000 650
95.46 100.04
96.30 101.16
6.24 4.99
6.08 4.62
444.34 406.20
BBB^ BBB^
2020 2015
5.500 5.000
1,250 750
90.14 92.59 7.25 EGYPT 5.75 2020 82.96 85.28 8.43 EGYPT 6.875 2040 Source: Bloomberg *Prices are indicative and depend on market liquidity levels, ^S&P Ratings
6.95 8.22
541.66 584.29
B2 /*B2 /*-
2020 2040
5.750 6.875
1,000 500
Name
Bid
Ask
Bid
Ask
105.11 101.57 118.56 109.79 103.13 155.92 115.60 106.97 103.63 106.43 101.12 122.49 101.43 100.00 100.31 115.39 99.77
105.57 102.09 119.26 110.49 103.66 157.32 116.54 107.75 104.30 107.17 101.73 123.32 102.14 100.00 100.85 116.33 99.95
2.18 2.78 3.58 3.80 4.11 5.04 5.32 5.28 2.39 4.09 3.11 4.26 4.55 5.00 3.04 5.07 3.42
110.00 102.61 119.51 105.29 100.89 102.67 109.15 103.95 103.97 108.84 104.10 103.33 95.00
112.00 103.36 120.36 105.95 101.42 103.55 109.90 104.61 104.64 109.41 104.91 104.02 95.00
107.50 108.62 108.30
QATAR QATAR 4 2015 QATAR 3.125 2017 QATAR 6.55 2019 QATAR 5.25 2020 QATAR 4.5 2022 QATAR 9.75 2030 QATAR 6.4 2040 QATAR 5.75 2042 QATDIA 3.5 2015 QATDIA 5 2020 QTELQD 3.375 2016 QTELQD 7.875 2019 QTELQD 4.75 2021 QTELQD 5 2025 QNBK 3.125 2015 COMQAT 7.5 2019 QNBK 3.375 2017
UAE ADGB 6.75 2019 MUBAUH 3.75 2016 MUBAUH 7.625 2019 MUBAUH 5.5 2021 INTPET 5.5 2022 INTPET 6.875 2041 TAQAUH 6.25 2019 TAQAUH 5.875 2021 NBADUH 4.25 2015 DEWAAE 8.5 2015 DEWAAE 6.375 2016 DEWAAE 7.375 2020 DPWDU 6.85 2037
KUWAIT KWIPKK 8.875 2016 KWIPKK 9.375 2020 BGBKKK 7.875 2020
SAUDI ARABIA SABIC 3 2015 BSFR 4.25 2015
BAHRAIN BHRAIN 5.5 2020 MUMTAK 5 2015
EGYPT
Disclaimer: It is understood that any opinions expressed by CBQ or its affiliates as to the commentary, market information, and future direction of prices of specific securities reflects the views of the individual analyst who issued them, and not necessarily represent the views of CBQ or its affiliates in any way. In no event shall CBQ or its affiliates have any liability for any direct or indirect losses incurred in connection with any decision made, action or inaction taken by any party in reliance upon the information provided in this materials or for any delays, inaccuracies, errors in, or omissions of the said information. Bond Trading Desk Bond Specialist: Jibin John; 44202309
Economic Research Senior VP & Chief Economist: Dr Abdulaziz A Al-Ghorairi; 44202663 Associate: Rajat Gupta, CFA; 44202627
Trading Activity
TOP GAINERS Medicare Gulf International Islamic Holding TOP LOSERS Cinemas Al Khaleej Takaful Islamic Insurance TOP TRADED Gulf International UDC Rayan
Change
Foreign Holding Limit (%) (%)
Vol. (mn)
P/E TTM
0.09
12.59
Value
%
26.15
+1.15
+4.60
5.47
20.50
24.40
+0.96
+4.10
9.36
17.50
1.71
12.32
22.98
+0.58
+2.59
8.31
21.88
0.002
14.86
69.00
-4.40
-5.99
5.48
25.00
0.00
29.46
45.00
-1.00
-2.17
1.39
22.50
0.01
8.67
57.50
-1.20
-2.04
3.72
22.75
0.004
17.72
24.40
+0.96
+4.10
9.36
17.50
1.71
12.32
25.00 26.25
+0.50 -0.10
+2.04 -0.38
20.60 16.36
25.00 49.00
0.79 0.73
1.07 13.98
Buy
Sell
33.84% 31.28% 65.12% 13.78% 21.10% 34.88%
37.10% 23.76% 60.86% 15.76% 23.38% 39.14%
Trading Summary Qatari Individuals Qatari Institutions Qatari - Total Foreign Individuals Foreign Institutions Foreign - Total
According to Qatar Central Bank, Qatar’s banking sector’s total assets witnessed a 22.3% rise in 2011 compared to 21.3% in the previous year. However, total customers’ deposits rose slower at 18.5% in 2011 compared to 24.3% in the previous year. Qatar’s sovereign wealth fund Qatar Investment Authority (QIA) completed the acquisition of Credit Suisse’s headquarters in London and leased it back to the bank under a long-term agreement that expires in 2034. The value of the deal was not disclosed. Salam International Investments (SIIL) announced plans to establish several small and medium enterprises (SMEs) in the electrical equipment and products sector as part of its strategy to strengthen the manufacturing base in the country.
Market Movement Summary
Qatar (DSM)
8,650
+27.26
+0.32
+0.96
-1.47
Saudi Arabia (TASI)
6,904
+34.43
+0.50
+4.20
+7.58
UAE (ADX)
2,504
+15.10
+0.61
+2.05
+4.24
UAE (DFM)
1,569
-2.15
-0.14
+9.28
+15.93
Kuwait (KSE)
6,115
+31.30
+0.51
+4.18
+5.17
Oman (MSM)
5,676
+6.33
+0.11
+2.06
-0.34
1,150
+2.20
+0.19
+0.86
+0.52
116
+0.50
+0.43
+2.71
+3.98
2,284
+11.93
+0.53
+4.03
+10.69
+45.79
+0.35
+2.51
+5.99
60
Bahrain (BAX)
9,000
50
S&P GCC
40
8,500
30 8,000 7,500 7,000 Aug-11 Volume
Nov-11
Volume (mn)
9,500
May-11
Global Dow Jones Ind. Avg*
12,950
10
Nasdaq*
2,584
-8.05
-0.31
+4.71
+13.45
0
Nikkei
9,485
+100.92
+1.08
+7.75
+12.18
FTSE
5,945
+40.18
+0.68
+4.64
+6.69
Hang Seng
21,425
-66.83
-0.31
+5.07
+16.22
CAC
3,473
+32.92
+0.96
+5.27
+9.90
MSCI Global
1,296
+8.37
+0.65
+4.48
+9.63
Nifty 50*
5,564
+42.35
+0.77
+7.02
+20.33 +10.95
Feb-12
Index Level
Date
Dow Jones Islamic
20
Source: Qatar Exchange
Company Announcements
Performance MTD (%) YTD (%)
GCC
QE Index
Feb-11
Change Value %
Closing Level
Indices
Source: Qatar Exchange
Index Value
Qatar News
Details
Qatar Fuel
26 Feb 2012
Earnings Release
Commodity
Barwa
26 Feb 2012
Earnings Release
Gold Spot
1,735
+11.57
+0.67
-0.15
Mannai
27 Feb 2012
Earnings Release
WTI Crude*
103.24
+0.93
+0.91
+4.83
+4.46
Qatar Meat
29 Feb 2012
Earnings Release
Natural Gas*
2.68
+0.12
+4.56
+7.23
-10.20
Source: Qatar Exchange
* Date as of close 17 Feb, 2012
5-yr CDS of GCC Nations
P/E (x)
P/BV (x)
Dividend Yield (%)
Value Traded (USD mn)
Qatar (QE)
11.55
1.83
3.36
68.18
Saudi Arabia (TASI)
12.76
1.91
2.94
2,849.86
200
UAE (ADX)
8.27
1.05
4.15
57.44
100
UAE (DFM)
10.16
0.95
3.24
79.07
Kuwait (KSE)
13.94
1.40
4.65
271.56
Oman (MSM)
10.80
1.55
4.77
9.15
Bahrain (BAX)
8.06
0.93
3.54
1.15
GCC Market Analysis
600 500 400 300
Qatar
Dubai
Bahrain
Abu Dhabi
Saudi Arabia
Feb-12
Jan-12
Dec-11
Nov-11
Oct-11
Sep-11
Aug-11
Jul-11
Jun-11
May-11
Apr-11
Mar-11
Feb-11
0
Source: Zawya
Source: Reuters Brokerage Head of Brokerage: Ossama K Alasadi; 44490521
Economic Research Senior VP & Chief Economist: Dr Abdulaziz A Al-Ghorairi; 44202663 Associate: Rajat Gupta, CFA; 44202627
DAILY MARKET UPDATE - QATAR February 21, 2012
Bond News
Qatar vs. US Treasuries 6.00%
Treasuries fell for a third day as European governments moved toward a second bailout package for Greece. The yield on 10-year U.S. Treasuries rose to 2.03% (from 2.01%) and 30-year yield stood at 3.17% (from 3.15%). Almarai Co., the Gulf’s biggest dairy firm by market value, plans to start a road show to issue a riyal denominated Sukuk (Islamic bond). Almarai has mandated HSBC to act as the arranger. Emirates NBD, the UAE’s largest bank by asset size, is likely to be the first Gulf bank to issue yuan-denominated bonds. Emirates NBD has mandated Emirates NBD Capital Limited, HSBC and Standard Chartered Bank to arrange investor meetings in Hong Kong and Singapore ahead of the proposed CNH (offshore Chinese yuan)-denominated bond, under the bank’s USD7.5bn medium-term notes programme.
5.30% 3.79%
4.00%
3.15% 1.73%
2.00%
2.72%
2.17%
0.29%
0.42%
2 yr
3yr
2.00% 0.86%
0.00% 5yr Qatar
10yr
30yr
US
Source: Reuters
Price*
Yield Z-spread
Rating (Moody's)
Maturity
Coupon
Issue Size (USD Mn)
2.02 2.67 3.48 3.71 4.05 4.95 5.26 5.23 2.19 3.99 2.97 4.14 4.46 5.00 2.88 4.93 3.39
141.52 161.29 197.15 204.13 206.51 258.79 266.43 260.61 151.93 225.24 199.06 262.77 263.06 268.68 211.67 336.63 228.24
Aa2 Aa2 Aa2 Aa2 Aa2 Aa2 Aa2 Aa2 Aa2 Aa2 A2 A2 A2 A2 Aa3 A2 Aa3e
2015 2017 2019 2020 2022 2030 2040 2042 2015 2020 2016 2019 2021 2025 2015 2019 2017
4.000 3.125 6.550 5.250 4.500 9.750 6.400 5.750 3.500 5.000 3.375 7.875 4.750 5.000 3.125 7.500 3.375
3,500 2,000 1,000 2,500 2,000 1,400 1,000 1,000 1,000 2,500 1,000 600 1,000 750 1,500 600 1,000
5.06 3.08 4.43 4.78 5.38 6.67 4.79 5.35 2.90 5.42 5.37 6.86 7.28
4.74 2.89 4.31 4.69 5.32 6.60 4.68 5.27 2.67 5.23 5.17 6.75 7.28
174.97 205.20 281.32 286.70 338.36 405.82 310.14 335.17 205.94 461.78 423.37 503.69 477.22
Aa2 Aa3 Aa3 Aa3 Aa3 Aa3 A3 A3 Aa3 Ba1 Ba1 Ba1 Baa3
2019 2016 2019 2021 2022 2041 2019 2021 2015 2015 2016 2020 2037
6.750 3.750 7.625 5.500 5.500 6.875 6.250 5.875 4.250 8.500 6.375 7.375 6.850
1,500 750 500 750 1,500 750 500 750 750 1,000 500 1,500 1,750
107.50 109.86 109.80
6.96 7.95 6.59
6.96 7.75 6.37
594.50 613.54 474.23
Baa3 Baa3 Baa1
2016 2020 2020
8.875 9.375 7.875
500 500 400
101.13 103.45
101.84 104.28
2.67 3.07
2.48 2.80
174.30 222.93
A1 Aa3
2015 2015
3.000 4.250
1,000 650
95.46 100.04
96.30 101.16
6.24 4.99
6.08 4.62
444.34 406.20
BBB^ BBB^
2020 2015
5.500 5.000
1,250 750
90.14 92.59 7.25 EGYPT 5.75 2020 82.96 85.28 8.43 EGYPT 6.875 2040 Source: Bloomberg *Prices are indicative and depend on market liquidity levels, ^S&P Ratings
6.95 8.22
541.66 584.29
B2 /*B2 /*-
2020 2040
5.750 6.875
1,000 500
Name
Bid
Ask
Bid
Ask
105.11 101.57 118.56 109.79 103.13 155.92 115.60 106.97 103.63 106.43 101.12 122.49 101.43 100.00 100.31 115.39 99.77
105.57 102.09 119.26 110.49 103.66 157.32 116.54 107.75 104.30 107.17 101.73 123.32 102.14 100.00 100.85 116.33 99.95
2.18 2.78 3.58 3.80 4.11 5.04 5.32 5.28 2.39 4.09 3.11 4.26 4.55 5.00 3.04 5.07 3.42
110.00 102.61 119.51 105.29 100.89 102.67 109.15 103.95 103.97 108.84 104.10 103.33 95.00
112.00 103.36 120.36 105.95 101.42 103.55 109.90 104.61 104.64 109.41 104.91 104.02 95.00
107.50 108.62 108.30
QATAR QATAR 4 2015 QATAR 3.125 2017 QATAR 6.55 2019 QATAR 5.25 2020 QATAR 4.5 2022 QATAR 9.75 2030 QATAR 6.4 2040 QATAR 5.75 2042 QATDIA 3.5 2015 QATDIA 5 2020 QTELQD 3.375 2016 QTELQD 7.875 2019 QTELQD 4.75 2021 QTELQD 5 2025 QNBK 3.125 2015 COMQAT 7.5 2019 QNBK 3.375 2017
UAE ADGB 6.75 2019 MUBAUH 3.75 2016 MUBAUH 7.625 2019 MUBAUH 5.5 2021 INTPET 5.5 2022 INTPET 6.875 2041 TAQAUH 6.25 2019 TAQAUH 5.875 2021 NBADUH 4.25 2015 DEWAAE 8.5 2015 DEWAAE 6.375 2016 DEWAAE 7.375 2020 DPWDU 6.85 2037
KUWAIT KWIPKK 8.875 2016 KWIPKK 9.375 2020 BGBKKK 7.875 2020
SAUDI ARABIA SABIC 3 2015 BSFR 4.25 2015
BAHRAIN BHRAIN 5.5 2020 MUMTAK 5 2015
EGYPT
Disclaimer: It is understood that any opinions expressed by CBQ or its affiliates as to the commentary, market information, and future direction of prices of specific securities reflects the views of the individual analyst who issued them, and not necessarily represent the views of CBQ or its affiliates in any way. In no event shall CBQ or its affiliates have any liability for any direct or indirect losses incurred in connection with any decision made, action or inaction taken by any party in reliance upon the information provided in this materials or for any delays, inaccuracies, errors in, or omissions of the said information. Bond Trading Desk Bond Specialist: Jibin John; 44202309
Economic Research Senior VP & Chief Economist: Dr Abdulaziz A Al-Ghorairi; 44202663 Associate: Rajat Gupta, CFA; 44202627
