Business
Saudi Aramco set to raise $6 billion from three-part bonds
Saudi Aramco set to raise $6 billion from three-part bonds
By Yousef Saba, Federico Maccioni and Hadeel Al Sayegh
Sahara Weekly – Saudi Aramco set to raise $6 billion from three-part bonds- Saudi Aramco expects to raise $6 billion from its three-part bond sale on Wednesday, the oil giant’s first foray into the debt markets in three years, a document showed.
Final terms of the deal include $2 billion from a 10-year tranche at 105 basis points (bps) over U.S. Treasuries, $2 billion in 30-year notes at a 145 bps premium and $2 billion in 40-year paper at a 155 bps premium, the document from one of the banks arranging the sale showed.
Demand for the three tranches topped $31.5 billion, drawing over $11 billion for each of the 10- and 30-year tranches and more than $9.5 billion for the 40-year bonds, the document showed.
Saudi Arabia raised $12.35 billion from a much-anticipated secondary share sale in Aramco after increasing the offering, Merrill Lynch, which was in charge of the so-called greenshoe option, said on Wednesday.
The bond sale was Aramco’s first since it raised $6 billion from three-tranche sukuk, or Islamic bonds, in 2021, taking advantage of favorable market conditions.
Aramco has long been a cash cow for Saudi Arabia, which is seeking funds to invest in new industries and wean its economy away from oil under its Vision 2030 plan.
Aramco expects to pay out $124.3 billion in dividends for 2024, most of which goes to the government, which directly owns about 81.5% of the company. Its sovereign wealth Public Investment Fund owns another 16%.
With the latest bond sale Aramco joined top firms and governments in the Gulf rushing to markets this year to fund investments. Proceeds will be used for general corporate purposes.
The spreads have tightened from initial guidance of around 140 basis points (bps) over U.S. Treasuries (UST) for the 10-year paper, 180 bps over UST for the 30-year, and 195 bps for the 40-year, IFR reported.
State-owned companies in emerging markets issued dollar-denominated bonds worth $21.4 billion in the first half of the year – up 22% from a year earlier, investment firm Tellimer said in a report.
Saudi state-owned firms led the group with 23% of the overall issuance value, while the government raised $12 billion of dollar-denominated bonds in January and $5 billion in sukuk in May.
Aramco last month was awarded $25 billion worth of contracts for its gas expansion plans. It also said it would buy 10% of Renault and Geely’s thermal engines joint venture Horse Powertrain, and announced a non-binding deal with U.S. energy firm Sempra to buy liquefied natural gas.
Aramco had flagged in February it was likely to issue bonds this year.
Its 40-year tranche will become its second-longest dated bonds after $2.25 billion of notes due in November 2070. (Reporting by Shamsuddin Mohd in Bengaluru, Federico Maccioni and Yousef Saba in Dubai; Additional reporting by Marc Jones in London; Editing by Louise Heavens, David Holmes and Richard Chang)
Business
Adron Games 2024 Unveiled: ‘Fit to Be the Biggest’ with Sports Icons Daniel Amokachi and Mutiu Adepoju Leading the Charge
Adron Games 2024 Unveiled: ‘Fit to Be the Biggest’ with Sports Icons Daniel Amokachi and Mutiu Adepoju Leading the Charge
Adron Homes & Properties is excited to announce the official unveiling of the 7th edition of the Adron Games, tagged “Fit to Be the Biggest”. The 2024 edition is set to take place at the renowned Lekan Salami Stadium, Adamasingba, Ibadan, from November 29th-30th, 2024, marking the second time the city of Ibadan will host the prestigious sporting event.
The Adron Games is a national platform designed to promote physical fitness, wellness, and community engagement through sports. Having previously held successful editions in Ogun and Lagos states, the 2024 edition is expected to attract over 10,000 athletes and fitness enthusiasts from across Nigeria.
The theme of this year’s Adron Games, “Fit to be the Biggest”, perfectly captures the spirit and ambition of the event. It signifies both the physical and metaphorical journey to greatness, where athletes, fitness enthusiasts, and even spectators are encouraged to embrace the challenge of becoming their best selves—physically, mentally, and competitively.
The theme also promotes the idea that fitness is essential to achieving greatness, whether through competitive sports or in everyday life. It motivates participants to push their boundaries and excel, whether on the field, court, or track, and ultimately reminds them that the journey toward fitness and excellence never stops.
This year’s games will feature a wide array of sporting disciplines, including Football, Basketball, Volleyball, Athletics, Table Tennis, Snooker, Shot Put, Long Jump, E-sports, and the fan-favorite Tug of War.
In a special highlight, Nigerian football legends Daniel Amokachi and Mutiu Adepoju have been announced as the official ambassadors of the event. Both are renowned for their contributions to Nigerian football and are expected to inspire athletes and spectators alike with their presence.
Key Event Highlights:
• Event Dates: November 29th-30th, 2024
• Venue: Lekan Salami Stadium, Adamasingba, Ibadan
• Ambassadors: Daniel Amokachi, Mutiu Adepoju, Vanessa Jones and MC Relax
• Sporting Events: Football, Basketball, Volleyball, Athletics, Table Tennis, Snooker, Shot Put, Long Jump, E-sports, and Tug of War
• Special Guests: Sports icons, fitness personalities, and celebrity appearances
• Participants: Over 10,000 athletes and fitness enthusiasts
• Prizes: Cash prizes, trophies, and awards for winners in various categories
Speaking at the unveiling, Daniel Amokachi emphasized the importance of corporate sponsorship in fostering young Nigerian talents, praising Adron Homes for their commitment to promoting sports.
He said “Sports in Nigeria need more support from businesses and brands to help discover and nurture talents among our youth. Organizations like Adron Homes, through their consistent support of sports, are boosting Nigeria’s global sports performance,” Amokachi said.
Meanwhile, Mutiu Adepoju lauded the unifying and transformative power of sports and commended Aare Adetola Emmanuelking, Group Managing Director of Adron Homes, for his unwavering commitment to organizing this event annually. “Sports is a powerful tool for unity and fitness, both physically and mentally. I commend Aare Adetola Emmanuelking for his continuous support of sports by organizing this prestigious event. His dedication is vital to the development of sports and the empowerment of youth in Nigeria,” Adepoju remarked.
it will be recalled that, Adron Games is an annual sporting event organized by Adron Homes & Properties to promote physical fitness, wellness, and community engagement through sports. Since its inception, the event has grown into a major national platform, bringing together thousands of athletes, corporate teams, and fitness enthusiasts in the spirit of competition and fun.
Adron Homes, through this sporting event, encourages everyone to view fitness and sports as key to unlocking personal and communal growth, building healthier lifestyles, and fostering unity across different regions, backgrounds, and demographics. “Fit to be the Biggest” represents not only the size and scope of the event but also the opportunity for everyone involved to elevate themselves and inspire others through the power of sport.
For more information, sponsorship, vendor registration and inquiries, please contact: Abiodun 08138432335
Adeboye Abiodun
Mnipr, Acicrm
Digital Operations and Media Relations Officer
Adron Homes and Properties Limited.
08138432335
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