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BUSINESS MONDAY 26 AUGUST 2019 13 PAGE | 14 PAGE | 15 Qatar-Singapore Central bankers trade face political grows 10% shocks, and hope to to $7bn avoid the worst GCC bond issuance surges to record $40bn in Q2 SATISH KANADY a large volume of maturing debt has A large volume of maturing relatively unswayed by recent geopolitical With $300bn in assets under man- THE PENINSULA likely helped ramp-up new issuance. debt has likely helped tensions in the Gulf, though a further esca- agement and an assigned GCC weight of Some $43bn in maturing debt is ramp-up new issuance. lation or alternatively falls in oil prices and 11.3 percent in the EMBI index, the region The GCC bond issuance hit a record scheduled for 2019, of which $28bn had revenues that jeopardize the fiscal situ- is estimated to receive approximately $40bn in 2Q19 dominated by sovereigns matured as of early this month, NBK Some $43bn in maturing ation pose a downside risk to GCC fixed $30bn in fund inflows, with more than and quasi-sovereigns. The second Research said in its ‘GCC Debt Market’ debt is scheduled for income markets. half going to the larger debt markets of quarter issuance broke the previous high report. 2019, of which $28bn had “GCC yields on the whole saw Qatar and Saudi Arabia. of $32bn recorded in the first quarter of With global and regional borrowing matured as of early this steeper declines than their global coun- Looking forward, GCC yields will 2019 paving the way for a strong year costs already low and perhaps set to terparts, influenced by similar factors continue to be influenced by global yields, overall. The solid issuance in 2Q19 lifted decline further, issuance could remain month. but also higher starting points for yields, which as described above have moved total GCC outstanding debt to $501bn strong for the remainder of the year. Brent oil prices reaching above $75/bbl lower on growth concerns. However, from $478bn in Q1, offsetting a large Moreover, foreign investor appetite for economic data, low inflation, and interest mid-quarter (though they have since declines in GCC yields could be limited volume of maturing debt. regional paper remains solid, and GCC rate cut prospects saw benchmark global fallen) and bond index inclusion”, NBK if weaker world growth causes oil prices The issuance was dominated by sov- borrowing needs are supported by yields fall in 2Q19. GCC bond yields analysts noted. to fall, implying larger fiscal deficits and ereigns and quasi-sovereigns, with expansionary budgets and the recent tracked their global counterparts lower Regional demand has also been sup- funding requirements. A further or sus- funding for strategic investments by sov- drop in oil prices if sustained, the ana- and indeed saw steeper declines partly ported by the imminent inclusion of mul- tained flare up in regional geopolitical ereign wealth funds and state-owned lysts said. on increased demand due to EMBI index tiple GCC sovereigns in the JP Morgan tensions involving Iran could also enterprises a strong driver. In addition, Ongoing trade tensions, weaker inclusions. Investors appeared to be Emerging markets Bond Index (EMBI). underpin GCC yields, the analysts said. Trump offers Woqod and Shell Brexit Britain a “very big” Lubricants sign deal THE PENINSULA trade deal DOHA This new agreement will power Woqod REUTERS/BIARRITZ, FRANCE Qatar Fuel Company (Woqod) lubricants with Shell and Shell Lubricants yesterday technology and have US President Donald Trump signed an agreement over the the advantage of promised a big trade deal for supply of finished premium post-Brexit Britain to Boris lubricants. Under the agreement, being blended from Johnson yesterday and praised Shell will provide Woqod engine the purest Qatari GTL the new prime minister as the lubricants over a five-year (Gas To Liquid) base right man to take Britain out of period. oil. the European Union. The agreement was signed Johnson, who faces a del- at the Woqod office by Saad icate task of assuaging Rashid Al Muhannadi, Managing Shell technology, across all European allies while not Director and CEO of Woqod; Woqod retail sites from Sep- angering Trump at a G7 summit Andrew Faulkner, Managing tember 2019. in France, said trade talks with Director and Chairman of Qatar Andrew Faulkner, Managing the United States would be Shell Companies; and Azmat Director and Chairman of Qatar tough but there were huge Jafri, GM Lubricants Middle East. Shell said the agreement is an opportunities for British busi- This new agreement will acknowledgement of the ben- nesses in the US market. World Bank Chairman at G7 Summit power Woqod lubricants with efits of Shell’s engine oil Speaking to reporters with Shell technology and have the expertise and cutting-edge tech- Johnson ahead of a trade- World Bank Chairman David Malpass (left) arrives in Biarritz, southwest France, yesterday on the advantage of being blended nology, noting that the deal also, focused bilateral meeting, Trump second day of the annual G7 Summit attended by the leaders of the world’s seven richest democracies from the purest Qatari GTL (Gas ‘reflects Woqod and Qatar said Britain’s membership of the - Britain, Canada, France, Germany, Italy, Japan and the United States. To Liquid) base oil. GTL tech- Shell’s shared commitment to EU had been a drag on efforts to nology converts natural gas into the delivery of premium forge closer trade ties. colorless base oils with virtually products and services in Qatar.’ “We’re going to do a very none of the impurities found in The supplied premium engine big trade deal - bigger than crude oil; delivering exceptional oils will be co-branded as we’ve ever had with the UK,” engine protection under extreme WOQOD OTO and will be Trump said. “At some point, Cityscape Qatar gears conditions. available in a variety of packs they won’t have the obstacle of Saad Rashid Al-Muhannadi and applications. - they won’t have the anchor commented: “This strategic Woqod has developed a new around their ankle, because up for 8th edition alliance between Woqod and OTO range of lubricants which that’s what they had. So, we’re Shell will ensure that Woqod is includes, OTO MOTIV the petrol going to have some very good THE PENINSULA providing the premium quality engine oils, OTO MAX the Diesel trade talks and big numbers.” DOHA Director, Cityscape Qatar. National Vision 2030, the event lubricants to Qatar market”. He engine oils and OTO PRO the With less than three months “Over a quarter of visitors, will feature a wide range of real added, “In 2009 Woqod signed ancillary products. The new OTO until an October 31 deadline, it Cityscape Qatar, the only real some 26 percent, said they estate projects from across the an agreement with Shell Marine Motiv Ultimate, Fully Synthetic is still totally unclear, how, estate exhibition and attended the show to find a real entire property spectrum.” The for the exclusive distribution of Motor Oil from Woqod, has been when or even whether Britain conference of its kind in the estate investment, while 24 October event will also feature marine lubricants in Qatar for formulated using the latest Shell will leave the EU. The uncer- country, is set for a successful percent were there to find a a high-powered opening day 15 years. This Co-branded auto- technology and Qatari GTL base tainty around Brexit, the United showing this October 22-24 home and 22 percent to source conference and the highly motive partnership is therefore oil, to create a world class Kingdom’s most significant with exhibitor and visitor a real estate service provider. popular Cityscape Talks series a further extension of that lubricant. political and economic post- feedback from last year’s event This gives the show a seal of on October 23 and 24. relationship”. OTO Motiv Ultimate offers war move, has left allies and promising a high international confidence as a sought-after “This three-in-one com- The agreement will ensure maximum efficiency and investors aghast and roiled turnout. business and networking bination of business opportu- the supply of high-quality lubri- improves the time between oil markets. Organized by Cityscape forum.” Cityscape Qatar 2019 nities and knowledge gath- cants, combining premium changes, which protects engines Opponents fear Brexit will and Elan Group, the 8th edition comes as Credit Agricole ranks ering enables investors, home- Qatari GTL components and and saves money. make Britain poorer and divide of Cityscape Qatar will take Qatar Investment Authority, buyers and industry the West as it grapples with place at Doha Exhibition & the Qatari sovereign wealth professionals to engage in a both Trump’s unconventional Convention Center. With top fund, as one of the world’s top dynamic environment that will presidency and growing assert- exhibitors including Qatari five real estate investors and offer salient insights into the iveness from Russia and China. Diar, Just Real Estate, Amar as figures from the country’s future of Qatari and Middle Supporters acknowledge city, QIMC, Edara, Florens Planning & Statistics Authority East real estate,” explained the divorce might bring short- Resort and Suites, and Oral (PSA) put the state’s domestic Schembri. term instability, but say in the Architecture & Engineering, as real estate sector on a Attendance at the probing longer term it will allow the well as leading real estate com- resurgent curve. Cityscape Qatar conference is United Kingdom to thrive if cut panies from Oman, Kuwait, “The PSA reported that in by invitation only with invites free from what they cast as a Turkey, the UK, Switzerland the first five months of this year available by registering online doomed attempt to forge and a Tunisian pavilion, the over 9.5 billion Qatari Riyals at www.cityscapeqatar.com.

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