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Pin to quick picksStandard Chartered Share News (STAN)

Share Price Information for Standard Chartered (STAN)

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Share Price: 671.40
Bid: 670.40
Ask: 670.80
Change: -7.80 (-1.15%)
Spread: 0.40 (0.06%)
Open: 679.80
High: 683.80
Low: 670.40
Prev. Close: 679.20
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CORRECTED-UPDATE 2-Saudi Aramco raises $6 billion with debut sukuk

Wed, 09th Jun 2021 09:50

(In June 9 story, corrects rating agency to Moody's in
paragraphs 7 and 8)

By Yousef Saba and Scott Murdoch

DUBAI, June 9 (Reuters) - Saudi Arabian oil giant Aramco
locked in another $6 billion on Wednesday to help fund
a large dividend as it returned to the international debt
markets with its first U.S. dollar-denominated sukuk sale, a
document showed.

The debt issuance, which will help fund a $75 billion
dividend commitment that will mostly go to the government,
comprises tranches of three, five and 10 years, a document from
one of the banks arranging the deal and seen by Reuters showed.

Aramco sold $1 billion in the three-year tranche at 65 basis
points (bps) over U.S. Treasuries (UST), $2 billion in the
five-year portion at 85 bps over UST and $3 billion in 10-year
paper at 120 bps over UST.

Initial price guidance was around 105 bps over UST for the
three-year bonds, around 125 bps over UST for the five-year
notes and around 160 bps over UST for the 10-year tranche.

The spreads were tightened after the deal attracted combined
orders of more than $60 billion.

Aramco last year maintained its promised $75 billion annual
dividend to shareholders despite lower oil prices, and is
expected to shoulder significant domestic investments in Saudi
Arabia's plans to transform the economy.

Moody's assigned Aramco's sukuk issuance programme an A1
rating with a negative outlook, in line with the negative
outlook on existing Aramco ratings and tracking a change in
Saudi Arabia's sovereign outlook to negative in May last year.

"The company has displayed a strong commitment to pay $75
billion in annual dividends, which in Moody's view is not
sustainable should oil prices fall and remain significantly
below $60/bbl," Moody's said.

"Interlinkages between Saudi Arabia and the company imply
that any change in rating outlook on the government of Saudi
Arabia would be mirrored on Saudi Aramco's rating outlook."

The company chose to issue Islamic bonds over conventional
ones due to high demand for the instrument as a result of the
low number of dollar sukuk sales in the Gulf this year, a source
told Reuters on Monday.

Aramco has been widely expected to become a regular bond
issuer after its debut $12 billion issuance in 2019 was followed
by an $8 billion, five-part transaction in November last year,
also used to fund its dividend.

A source had told Reuters that Aramco was expected to raise
up to $5 billion with the deal, which had 29 active and passive
bookrunners working on it.

Active bookrunners on the deal included Citi, HSBC
, JPMorgan, NCB Capital and Standard
Chartered Bank. Passive bookrunners included BOC
International and Dubai Islamic Bank.
(Reporting by Yousef Saba in Dubai and Scott Murdoch in Hong
Kong; Editing by Edwina Gibbs, Jan Harvey and Elaine Hardcastle)

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IN BRIEF: StanChart plans USD1.00 billion CoCo bond issue

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UK dividends calendar - next 7 days

Friday 1 March 
AEW UK REIT PLCdividend payment date
Alternative Income REIT PLCdividend payment date
Atrato Onsite Energy PLCdividend payment date
Carr's Group PLCdividend payment date
CC Japan Income & Growth Trust PLCdividend payment date
CVC Income & Growth Ltd (EUR)dividend payment date
CVC Income & Growth Ltd (GBP)dividend payment date
Gabelli Merger Plus+ Trust PLCdividend payment date
ICG Enterprise Trust PLCdividend payment date
IG Group Holdings PLCdividend payment date
JPMorgan China Growth & Income PLCdividend payment date
JPMorgan Claverhouse Investment Trust PLCdividend payment date
LXi REIT PLCdividend payment date
Pollen Street PLCdividend payment date
TwentyFour Select Monthly Income Fund Ltddividend payment date
UK Commercial Property REIT Ltddividend payment date
Monday 4 March 
no events scheduled 
Tuesday 5 March 
Henderson Smaller Cos Investment Trust PLCdividend payment date
PayPoint PLCdividend payment date
Wednesday 6 March 
AB Dynamics PLCdividend payment date
Thursday 7 March 
abrdn Diversified Income & Growth PLCex-dividend payment date
Assura PLCex-dividend payment date
Athelney Trust PLCex-dividend payment date
Berkeley Group Holdings PLCex-dividend payment date
BHP Group Ltdex-dividend payment date
Chenavari Toro Income Fund Ltddividend payment date
Colefax Group PLCex-dividend payment date
Crown Place VCT PLCex-dividend payment date
CT UK Capital & Income Investment Trust PLCex-dividend payment date
Energean PLCex-dividend payment date
HSBC Holdings PLCex-dividend payment date
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Personal Assets Trust PLCex-dividend payment date
Premier Miton Global Renewables Trust PLCex-dividend payment date
PZ Cussons PLCex-dividend payment date
Redcentric PLCex-dividend payment date
Renishaw PLCex-dividend payment date
Rights & Issues Investment Trust PLCex-dividend payment date
Rio Tinto PLCex-dividend payment date
Ruffer Investment Co Ltdex-dividend payment date
Safestore Holdings PLCex-dividend payment date
Schroder Real Estate Investment Trust Ltdex-dividend payment date
SDCL Energy Efficiency Income Trust PLCex-dividend payment date
South32 Ltdex-dividend payment date
Standard Chartered PLCex-dividend payment date
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Vaalco Energy Incex-dividend payment date
  
Comments and questions to newsroom@alliancenews.com
  
A full 14-day events calendar is provided each day with a subscription to Alliance News UK Professional.
  
Copyright 2024 Alliance News Ltd. All Rights Reserved.

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