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Tuesday, 18 October 2016

KSA’s USD 10-20 bn bond looks 2.5-5x oversubscribed; Emirates NBD earnings miss expectations; Iraqi troops launch Mosul offensive

Other national and international news worth a quick look this morning if you have time:

  • Saudi Arabia’s first international bond offering looks set to be 2.5-5x oversubscribed, the Financial Times (paywall) reports in its rundown on “what to watch for” as “one of this year’s hottest debt sales beckons.” The FT sees the USD 10-20 bn offering meeting demand of as much as USD 50 bn.
  • The slowdown in GCC economies continues: Emirates NBD missed analyst expectations with its 3Q2016 earnings even as earnings rose 8% year-on-year. The bank noted an uptick in provisions at its shariah-compliant unit on the back of “increased delinquencies” (pdf) among SME clients.
  • Iraqi government troops and Kurdish fighters launched a major offensive to retake Mosul from the Daeshbags, which have made the city their stronghold since June 2014, BBC reported. CNN has live updates.

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