{"id":65266,"date":"2014-06-29T10:27:15","date_gmt":"2014-06-29T08:27:15","guid":{"rendered":"http:\/\/localhost\/wordpress\/?p=65266"},"modified":"2017-01-18T03:48:50","modified_gmt":"2017-01-18T01:48:50","slug":"%d9%87%d9%84-%d8%aa%d8%aa%d8%b3%d8%a7%d9%82%d8%b7-%d8%a7%d9%84%d8%af%d8%a8%d8%a8%d8%a9-%d9%83%d8%a7%d9%84%d8%b0%d8%a8%d8%a7%d8%a8-%d8%a8-2009-%d8%9f-%d8%b9%d8%a7%d9%85-%d8%a7%d9%84%d8%ab%d9%8a%d8%b1","status":"publish","type":"post","link":"https:\/\/www.satfrequencies.com\/invest\/%d9%87%d9%84-%d8%aa%d8%aa%d8%b3%d8%a7%d9%82%d8%b7-%d8%a7%d9%84%d8%af%d8%a8%d8%a8%d8%a9-%d9%83%d8%a7%d9%84%d8%b0%d8%a8%d8%a7%d8%a8-%d8%a8-2009-%d8%9f-%d8%b9%d8%a7%d9%85-%d8%a7%d9%84%d8%ab%d9%8a%d8%b1\/","title":{"rendered":"\u0647\u0644 \u062a\u062a\u0633\u0627\u0642\u0637 \u0627\u0644\u062f\u0628\u0628\u0629 \u0643\u0627\u0644\u0630\u0628\u0627\u0628 \u0628 2009 \u061f \u0639\u0627\u0645 \u0627\u0644\u062b\u064a\u0631\u0627\u0646 !"},"content":{"rendered":"
\n

\u0644\u0639\u0644 \u0627\u0644\u062c\u0645\u064a\u0639 \u0628\u062d\u064a\u0631\u0629 \u0645\u0646 \u0627\u0645\u0631\u0647\u0645 <\/p>\n

\u062f\u062e\u0644\u062a \u0639\u0644\u0649 \u0639\u062f\u0629 \u0645\u0648\u0627\u0636\u064a\u0639 \u0647\u0630\u0627 \u0648\u0642\u062f \u0633\u0627\u062f\u062a \u0645\u0648\u0627\u0636\u064a\u0639 \u0627\u0644\u062a\u062d\u0644\u064a\u0644 \u0627\u0644\u0645\u0648\u062c\u064a \u0628\u0627\u0644\u0627\u0648\u0646\u0629 \u0627\u0644\u0627\u062e\u064a\u0631\u0629 <\/p>\n

\u0627\u0644\u0628\u0639\u0636 \u064a\u062a\u0648\u0642\u0639 \u0627\u062d\u064a\u0627\u0646\u0627 \u0643\u0633\u0631 \u0627\u0644\u0642\u0627\u0639 \u0627\u0644\u0642\u062f\u064a\u0645 \u0639\u0646\u062f \u0645\u0633\u062a\u0648\u0649 1428 \u0648\u0627\u0644\u0627\u062e\u0631 \u064a\u062a\u0648\u0642\u0639 \u0627\u0646 \u064a\u0639\u0648\u062f \u0627\u0631\u0627\u0628\u062a\u0643 \u0644 85 \u0641\u0644\u0633 \u062b\u0645 \u064a\u0639\u0648\u062f \u0647\u0648 \u0646\u0641\u0633\u0647 \u0644\u064a\u062a\u0641\u0627\u0621\u0644 \u0648\u064a\u062a\u0648\u0642\u0639 \u0627\u0644\u062a\u062f\u0628\u064a\u0644\u0629 !!!!<\/p>\n

\u0648\u0627\u062e\u0631 \u064a\u062a\u0648\u0642\u0639 \u0627\u0646\u0641\u062c\u0627\u0631 \u0648\u0627\u0644\u062a\u062d\u0644\u064a\u0642 \u0644\u0644\u0627\u0639\u0644\u0649 <\/p>\n

\u0641\u0644\u0645\u0627\u0630\u0627 \u0643\u0644 \u0647\u0630\u0627 \u0627\u0644\u0627\u062e\u062a\u0644\u0627\u0641 \u061f<\/p>\n

\u0648\u0645\u0646 \u0627\u0644\u0630\u064a \u0633\u064a\u062d\u062f\u062f \u0627\u0644\u0627\u062a\u062c\u0627\u0647 \u061f<\/p>\n

\u0634\u0645\u0627\u0644 \u0627\u0645 \u062c\u0646\u0648\u0628 <\/p>\n

\u0644\u0644\u0642\u0627\u0631\u0649\u0621 \u0627\u0644\u0639\u0627\u062f\u064a \u0627\u0644\u062d\u0642 \u0627\u0646 \u064a\u062a\u0633\u0627\u0621\u0644 \u0645\u0627 \u0627\u0644\u0630\u064a \u064a\u0645\u0643\u0646 \u0627\u0646 \u064a\u0647\u062f\u0631 \u0627\u0644 10 % \u0627\u0644\u062a\u064a \u062a\u0628\u0642\u062a \u0645\u0646 \u0627\u0645\u0648\u0627\u0644\u064a \u0628\u0639\u062f\u0645\u0627 \u0641\u0642\u062f\u062a \u0627\u0635\u0644\u0627 %90 \u0645\u0646 \u0642\u064a\u0645\u062a\u0647\u0627 \u061f \u0648\u0645\u0627 \u0627\u0644\u0630\u064a \u064a\u0645\u0643\u0646 \u0627\u0646 \u064a\u0639\u064a\u062f \u0639\u0644\u0649 \u0627\u0644\u0627\u0642\u0644 50 % \u0645\u0646 \u0627\u0645\u0648\u0627\u0644\u064a \u0627\u0644\u0636\u0627\u0626\u0639\u0629 \u061f<\/p>\n

\u0647\u0644 \u0627\u0644\u0639\u0645\u0644\u064a\u0629 \u0633\u062d\u0631 \u061f<\/p>\n

\u0628\u0627\u0644\u062a\u0627\u0643\u064a\u062f \u0644\u0627 \u0648\u0627\u0646\u0645\u0627 \u0627\u0644\u0627\u062c\u0627\u0628\u0629 \u0647\u064a \u0628\u0645\u0627 \u0647\u0648 \u0642\u0627\u062f\u0645 \u0628\u062d\u0627\u0644\u0629 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f \u0648\u0643\u0644 \u0627\u0646\u0648\u0627\u0639 \u0627\u0644\u062a\u062d\u0644\u064a\u0644 \u0627\u0644\u0641\u0646\u064a \u0643\u0644\u0627\u0633\u064a\u0643\u064a \u0627\u0648 \u0645\u0648\u062c\u064a \u062a\u062d\u0627\u0648\u0644 \u0642\u0631\u0627\u0621\u0629 \u0630\u0644\u0643 \u0645\u0642\u062f\u0645\u0627 \u0648\u0644\u0643\u0646 \u0645\u0634\u0643\u0644\u0629 \u0628\u0639\u0636 \u0627\u0644\u0645\u062d\u0644\u0644\u064a\u0646 \u0627\u0644\u0641\u0646\u064a\u064a\u0646 \u0627\u0646\u0647\u0645 \u064a\u0639\u0645\u0644\u0648\u0646 \u0628\u0645\u0639\u0632\u0644 \u062a\u0627\u0645 \u0648\u0628\u0633\u0627\u062a\u0631 \u062a\u0631\u0627\u0628\u064a \u0639\u0646 \u0627\u064a \u0645\u0639\u0644\u0648\u0645\u0629 \u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 \u0648\u064a\u0643\u062a\u0641\u0648\u0627 \u0628\u0642\u0631\u0627\u0621\u0629 \u0627\u0644\u0634\u0627\u0631\u062a\u0627\u062a \u0648\u0627\u0644\u0645\u0624\u0634\u0631\u0627\u062a \u0648\u0644\u0647\u0630\u0627 \u062a\u062a\u0642\u0644\u0628 \u0627\u0631\u0627\u0621\u0647\u0645 \u0634\u0645\u0627\u0644\u0627 \u0648\u062c\u0646\u0648\u0628\u0627 \u0628\u064a\u0646 \u0644\u064a\u0644\u0629 \u0648\u0636\u062d\u0627\u0647\u0627
\n\u0628\u0627\u0644\u0637\u0628\u0639 \u0647\u0648 \u0627\u0644\u062d\u0627\u0644\u0629 \u0627\u0644\u0639\u0627\u0645\u0629 \u0644\u0644\u0627\u0642\u062a\u0635\u0627\u062f \u0627\u0644\u0639\u0627\u0644\u0645\u064a \u0648\u0627\u0644\u0645\u062d\u0644\u064a \u0645\u0646 \u0633\u064a\u062d\u0633\u0645 \u0627\u0644\u0627\u0645\u0648\u0631 <\/p>\n

\n\u0642\u0631\u0627\u062a \u0645\u0642\u0627\u0644\u0627 \u062c\u0645\u064a\u0644\u0627 \u0645\u0641\u0627\u062f\u0647 ” \u0627\u0646 \u0627\u0644\u062f\u0628\u0628\u0629 \u062a\u062a\u0633\u0627\u0642\u0637 \u0643\u0627\u0644\u0630\u0628\u0627\u0628 \u0641\u064a \u0628\u064a\u0627\u062a \u0634\u062a\u0648\u064a ” \u0648\u0627\u0646 \u0643\u0644 \u0627\u0644\u0627\u062e\u0628\u0627\u0631 \u0627\u0644\u0633\u064a\u0626\u0629 \u0628\u0627\u0644\u0627\u0634\u0627\u0631\u0629 \u0627\u0644\u0649 \u0627\u0644\u0646\u0627\u062a\u062c \u0627\u0644\u0642\u0648\u0645\u064a \u0627\u0644\u064a\u0627\u0628\u0627\u0646\u064a \u0627\u0644\u0645\u062a\u0631\u0627\u062c\u0639 \u0628\u0627\u0644\u0631\u0628\u0639 \u0627\u0644\u0627\u0648\u0644 \u0645\u0646 2009 \u0644\u0645 \u062a\u0643\u0628\u062d \u0627\u0631\u062a\u0641\u0627\u0639 \u0627\u0644\u0633\u0648\u0642 \u0628\u0645\u0639\u0646\u0649 \u0627\u0646 \u0643\u0644 \u0634\u064a\u0621 \u0633\u064a\u0621 \u0647\u0648 \u0627\u0635\u0644\u0627 \u0645\u062e\u0635\u0648\u0645 \u0628\u0627\u0644\u0627\u0633\u0639\u0627\u0631 \u0648\u0628\u0627\u0634\u0627\u0631\u0629 \u0627\u0633\u0627\u0633\u064a\u0629 \u0627\u0644\u0649 \u0627\u0644\u0627\u0646\u062e\u0641\u0627\u0636 \u0627\u0644\u0645\u0633\u062a\u0645\u0631 \u0628 Default swap rate \u0648\u0647\u0648 \u0645\u0639\u062f\u0644 \u0627\u0644\u0641\u0627\u0626\u062f\u0629 \u0627\u0644\u0645\u062f\u0641\u0648\u0639 \u0644\u0644\u062a\u0627\u0645\u064a\u0646 \u0639\u0644\u0649 \u0636\u0645\u0627\u0646 \u0633\u062f\u0627\u062f \u0627\u0644\u062f\u064a\u0648\u0646 \u0648\u0628\u0627\u0634\u0627\u0631\u0629 \u0627\u0644\u0649 \u0635\u0643\u0648\u0643 \u0634\u0631\u0643\u0629 \u0627\u0644\u062f\u0627\u0631 \u0627\u0644\u062a\u064a \u0637\u0631\u062d\u062a \u0639\u0644\u0649 \u0628 500 \u0645\u0644\u064a\u0648\u0646 \u062f\u0648\u0644\u0627\u0631 \u0641\u0627\u0630 \u0628\u0647\u0627 \u062a\u062c\u0645\u0639 1.25 \u0645\u0644\u064a\u0627\u0631 \u062f\u0648\u0644\u0627\u0631 \u062f\u0644\u0627\u0644\u0629 \u0639\u0644\u0649 \u0627\u0631\u062a\u0641\u0627\u0639 \u0627\u0644\u0637\u0644\u0628 \u0648\u062a\u0648\u0641\u0631 \u0627\u0644\u0633\u064a\u0648\u0644\u0629 <\/p>\n

\u0627\u0648\u0628\u0627\u0645\u0627 \u064a\u0642\u0648\u0644 ” \u0627\u0646 \u0627\u0634\u0627\u0631\u0627\u062a \u0628\u062f\u0627\u062a \u062a\u0638\u0647\u0631 \u062a\u062f\u0644 \u0639\u0644\u0649 \u062a\u0639\u0627\u0641\u064a \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f “<\/p>\n

\u0647\u0630\u0627 \u064a\u0642\u0648\u0644 \u0648\u0627\u0646\u0627 \u0627\u0642\u0648\u0644 \u0648\u0630\u0627\u0643 \u064a\u0642\u0648\u0644 \u0648\u0644\u0643\u0646 \u0627\u0644\u0633\u0648\u0642 \u0644\u0647 \u0643\u0644\u0645\u0629 \u0627\u0644\u0641\u0635\u0644 \u0648\u0627\u0644\u0633\u0648\u0642 \u0644\u0644\u0627\u0646 \u064a\u062f\u0644 \u0639\u0644\u0649 \u0642\u0648\u0629 \u0648\u0635\u0644\u0627\u0628\u0629 \u0628 2009 <\/p>\n

\u0641\u0647\u0644 \u064a\u0643\u0648\u0646 \u0639\u0627\u0645 \u0627\u0644\u062b\u064a\u0631\u0627\u0646 \u0628\u0627\u0645\u062a\u064a\u0627\u0632 \u0628\u0639\u0643\u0633 \u0643\u0644 \u0627\u0644\u062a\u0648\u0642\u0639\u0627\u062a \u0648\u062a\u062a\u0633\u0627\u0642\u0637 \u0627\u0644\u062f\u0628\u0628\u0629 \u0643\u0627\u0644\u062d\u0634\u0631\u0627\u062a \u0643\u0645\u0627 \u064a\u0634\u064a\u0631 \u0627\u0644\u0645\u0642\u0627\u0644 \u061f<\/p>\n

\u0646\u0635 \u0627\u0644\u0645\u0642\u0627\u0644 :<\/p>\n

CDS LEVELS (NOTE: CDS moves since 11th May to todays open )
\nSOV CDS\t 5Y CDS \t3 DAY MOVE\tComment
\nABU DHABI\t200\/230 \t(-10bps)\t
\nDUBAI\t480\/525 \t(-5bps) \tTraded @ 1025 13thFeb
\nSAUDI\t135\/175 \t(-20bps)\t
\nQATAR\t 160\/195 \t(-10bps)\t
\nBAHRAIN\t 365\/415 \t \t
\nCORP U.A.E
\nADCB\t230\/280 \t(-20bps)\t
\nNBAD\t210\/260\t(-20bps)\t
\nTAQA\t225\/265 \t(-15bps)\t
\nEBIUH\t485\/545 \t(-15bps)\t
\nJAFZA\t750\/900 \t(-50bps)\tEstimated mkt level
\nDIFC\t750\/900 \t(-50bps)\tEstimated mkt level
\nDP WORLD\t 550\/625 \t(-75bps)\t
\nDUBAI HLDING\t 900\/1100 \t(-50bps)\tTraded @ 2000 13thFeb
\nBONDS\t
\nCASH PRICE\t4 DAY MOVE\t
\nNakheel 12\/09\t87\/89 \t+2pts\t As low as 56 mid Feb
\nJAFZA aed 12s\t73.5\/75.5\t+8pts\t
\nALDAR 13s \t82\/84\t+1pt\t
\nDUGB FRN 13\t84\/85.5 \t+.50pt\t
\nADGB 2014 \tT+276\t-6bps \tFPR T+400
\nADGB 2019\tT+314\t-4bps\tFPR T+420
\nMUBAUH 14s\tT+361 \t-23bps\tFPR T+395
\nMUBAUH 19s\tT+429 \t-4bps\tFPR T+ 462.5 <\/p>\n

EQUITIES\tValue Open \t% move 3 day \tYear to date % move
\nDFM\t1662 \t 0.60%\t(+1.60%)
\nADX\t2613 \t \t(+9.33%)
\nCOMMENT
\nWell who can stop this now? Bears seem to be dropping into hibernation like flies. Even our friends at Emirates NBD this morning were turning bullish after weeks of bearishness! No matter what bad news filters out such as Japan 1st quarter GDP down -4% from the previous quarter the market shrugs it off. You here vague calls of bubbles in the Asian stock markets and with China up well over 50% they seem justified but you cannot stop the growing herd mentality. If like me you are kicking yourself for not being involved \/ sidelined or waiting for the right opportunity\/sell-off you are the new wave of market participants that will probably take us further still. However I think it would be worth hanging on at least for a further week to see if this rally can hold.
\nThe market seems awash with cash, Libor continues to freefall as does our own Eibor. Yesterday even Aldar a \u2018real-estate\u2019 developer (as you all know) managed to build just over a USD 5.2bn book for their new USD 5Y. Originally touted as a USD 500mm deal due to the demand this quickly became USD1.25bn deal coming at the tight end of expectations of 8.75% YTM. This equates to roughly T+675. Have to question though the quality of the accounts as the book struggled to build for the 1st day or so but strong traction was gained during the closing hours with interest coming from around 200 accounts. As a strategic company with very strong ties to the Abu Dhabi gov\u2019t (indirect shareholding of 37%) and pivotal in a lot of the new development and expansion plans it seems fair to compare it to Mubadala so over 300bps discount seems appealing. There were sellers of Abu Dhabi and Mubadala all week making room for the Aldar deal but it did little to dent the ongoing demand for these names from regional investors. Local demand was strong for the new Aldar and the success of placing this deal should give traction to existing Aldar issues notably the Aldar 13s Sukuk which at the last offer seen prior to the launch of 83 looks even better value at DM+677 or 9.26% than the USD 14s. With the 13s less cash needs to be put to work and a shorter maturity. Plus the 13s have the added benefit of being a Sukuk which supposedly is more secure for the investor than an outright unsecured vanilla bond. Question marks are being raised the last couple of days though notably in the FT after Investment Dar defaulted on its sukuk that due to the complex nature of the sukuk structure and how investors will be treated. The FT argues that if the law is followed they should be treated like on par with equity shareholders?
\nOne last point to note on the Nakheel 09s spiked up on Monday over 5 points to 90-92 following the comments at the World Economic Forum by Dubai\u2019s Head of Department of Finance Nasser Al Sheikh that it qualified for part of the Dubai USD 10bn loan. However he was subsequently sacked. The market interpreted the removal of him (who was highly regarded in the marketplace) as a sign that he had spoken out of turn over Nakheel hence the dip back in price of Nakheel 09s however he also apparently mentioned a few other things such as the importance of the DIFC to the UAE and after the events in the last 24 hours with the decision to pull out of the GCC single currency this may explain other reasons to remove him? Therefore at 89 cash price or a 45% YTM the Nakheel 09s still offers substantial upside with time running out and limited options available but to repay.
\nNB: So far the new Aldar has traded a couple of times in our time around 100.125 and as London come in its now trading at 100 (Fixed Price Reoffer).<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

\u0644\u0639\u0644 \u0627\u0644\u062c\u0645\u064a\u0639 \u0628\u062d\u064a\u0631\u0629 \u0645\u0646 \u0627\u0645\u0631\u0647\u0645 \u062f\u062e\u0644\u062a \u0639\u0644\u0649 \u0639\u062f\u0629 \u0645\u0648\u0627\u0636\u064a\u0639 \u0647\u0630\u0627 \u0648\u0642\u062f \u0633\u0627\u062f\u062a \u0645\u0648\u0627\u0636\u064a\u0639 \u0627\u0644\u062a\u062d\u0644\u064a\u0644 \u0627\u0644\u0645\u0648\u062c\u064a \u0628\u0627\u0644\u0627\u0648\u0646\u0629 \u0627\u0644\u0627\u062e\u064a\u0631\u0629 \u0627\u0644\u0628\u0639\u0636 \u064a\u062a\u0648\u0642\u0639 \u0627\u062d\u064a\u0627\u0646\u0627 \u0643\u0633\u0631 \u0627\u0644\u0642\u0627\u0639 \u0627\u0644\u0642\u062f\u064a\u0645 \u0639\u0646\u062f \u0645\u0633\u062a\u0648\u0649 1428 \u0648\u0627\u0644\u0627\u062e\u0631 \u064a\u062a\u0648\u0642\u0639 \u0627\u0646 \u064a\u0639\u0648\u062f \u0627\u0631\u0627\u0628\u062a\u0643 \u0644 85 \u0641\u0644\u0633 \u062b\u0645 \u064a\u0639\u0648\u062f \u0647\u0648 \u0646\u0641\u0633\u0647 \u0644\u064a\u062a\u0641\u0627\u0621\u0644 \u0648\u064a\u062a\u0648\u0642\u0639 \u0627\u0644\u062a\u062f\u0628\u064a\u0644\u0629 !!!! \u0648\u0627\u062e\u0631 \u064a\u062a\u0648\u0642\u0639 \u0627\u0646\u0641\u062c\u0627\u0631 \u0648\u0627\u0644\u062a\u062d\u0644\u064a\u0642 \u0644\u0644\u0627\u0639\u0644\u0649 \u0641\u0644\u0645\u0627\u0630\u0627 \u0643\u0644 \u0647\u0630\u0627 \u0627\u0644\u0627\u062e\u062a\u0644\u0627\u0641 \u061f \u0648\u0645\u0646 \u0627\u0644\u0630\u064a \u0633\u064a\u062d\u062f\u062f […]<\/p>\n","protected":false},"author":74,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-65266","post","type-post","status-publish","format-standard","hentry","category-7"],"_links":{"self":[{"href":"https:\/\/www.satfrequencies.com\/invest\/wp-json\/wp\/v2\/posts\/65266","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.satfrequencies.com\/invest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.satfrequencies.com\/invest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.satfrequencies.com\/invest\/wp-json\/wp\/v2\/users\/74"}],"replies":[{"embeddable":true,"href":"https:\/\/www.satfrequencies.com\/invest\/wp-json\/wp\/v2\/comments?post=65266"}],"version-history":[{"count":1,"href":"https:\/\/www.satfrequencies.com\/invest\/wp-json\/wp\/v2\/posts\/65266\/revisions"}],"predecessor-version":[{"id":131894,"href":"https:\/\/www.satfrequencies.com\/invest\/wp-json\/wp\/v2\/posts\/65266\/revisions\/131894"}],"wp:attachment":[{"href":"https:\/\/www.satfrequencies.com\/invest\/wp-json\/wp\/v2\/media?parent=65266"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.satfrequencies.com\/invest\/wp-json\/wp\/v2\/categories?post=65266"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.satfrequencies.com\/invest\/wp-json\/wp\/v2\/tags?post=65266"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}