阿美石油公司首席执行官Amin Nasser在5月份向彭博电视台表示，阿美石油公司计划继续利用债务市场 获得更多借款，为增长提供资金。此前，这家全球最大的石油公司发行了50亿美元的债券。 据彭博社知情人士透露，沙特阿美公司现在准备再次发行债券。 这将是沙特阿拉伯一周内的第三次发 行，此前沙特上周出售了55亿美元的伊斯兰债券，订单达到175亿美元，主权财富基金公共投资基金 （PIF）本周早些时候出售了20亿美元的10年期美元债券，为其部分投资计划提供资金。 最近几周沙特阿拉伯繁忙的债券发行表明，今年油价下跌正在给该国的财政带来压力。沙特阿拉伯今年 的预算赤字正在增长，因为油价从去年的水平下跌，远低于沙特平衡预算所需的每桶90美元的价格。 （小晨编译） 彭博社周三援引知情人士的话说，世界上最大的原油出口国和沙特国有石油巨头沙特阿美公司（Saudi Aramco）今年将通过发行以美元计价的伊斯兰债券重新开拓债务市场。 据说沙特阿美公司将发行五年期和十年期伊斯兰债券，即所谓的伊斯兰债券，这将是这家沙特石油公司 今年的第二次债务发行，也是沙特阿拉伯一周内的第三次债务发行。 5月，沙特阿美石油公司根据其全球中期票据计划发 ...

智通财经APP获悉，沙特阿美公司正在国际债券市场发行债券，这是该公司今年第二次大规模发行美元 债券，也是沙特本月债券发行潮的最新一笔交易。知情人士透露，这家国有石油巨头正在发行5年期和 10年期以美元计价的伊斯兰债券，初步定价较美国国债高出约105个基点和115个基点。 借款增加导致其负债率从三个月前的5.3%升至第二季度的6.5%。不过，与西方的大型石油公司相比， 这一比率仍处于较低水平，壳牌的负债率就高达19%。 这将是沙特过去一周内进行的第三笔大规模债券发行。此前，沙特政府和主权财富基金完成了75亿美元 的债券发行。截至9月3日，沙特今年已通过美元和欧元计价债券筹集近200亿美元，接近2017年创下的 纪录，并使其成为新兴市场中最活跃的债券发行国之一。 沙特阿美公司5月份筹集了50亿美元，并在2024年发行了总计90亿美元的债券。该公司一直在增加项目 借款，并试图为巨额股息提供资金，但其自由现金流难以完全覆盖这些股息。截至6月底的季度，该公 司净债务从前一季度的247亿美元增至308亿美元，同时由于油价走软，利润连续第10个季度下滑。 沙特阿美的借款持续增加 沙特政府一直在加大发债力度，试图弥补低油价和 ...

Group 1 - The global bond market is experiencing significant fragility and volatility, with many governments forced to finance heavily in a high-debt and high-interest environment, leading to a paradox of strong short-term demand for high-yield products while long-term risks loom [1] - On Tuesday, European bond markets saw a record single-day issuance, with 28 issuers planning to raise at least €49.6 billion (approximately $57.7 billion), potentially surpassing the previous record of €47.6 billion set earlier this year [2] - The UK successfully raised £14 billion through a record 10-year government bond issuance, attracting over £140 billion in orders, with international buyers accounting for 40% of the allocation [2] Group 2 - Despite rising borrowing costs, banks and corporations are actively entering the market, driven by a surge in investment funds flowing into bond funds during the summer [3] - Saudi Arabia attracted approximately $15 billion in orders for its planned issuance of five-year and ten-year Islamic bonds to cover fiscal deficits and support its "Vision 2030" diversification plan [3] - The global bond market is under pressure from ongoing inflation concerns, fiscal discipline issues, and heavy government bond issuance, leading to rising yields and declining bond prices [4] Group 3 - Long-term bond yields have surged to high levels, with Japan's 20-year government bond yield reaching its highest level since 1999, and the UK’s 30-year bond yield climbing to its highest since 1998 [4] - The recent sell-off reflects traders' concerns over high government spending and its potential inflationary impact, with significant corporate bond issuance and ongoing doubts about the independence of the Federal Reserve adding to market pressure [4] - The Bloomberg Global Bond Index fell by 0.4% on Tuesday, marking the largest single-day decline since June 6, indicating ongoing caution in holding long-term debt [5]

www.ccxi.com.cn 国际宏观资讯双周报 5 月 20 日–6 月 3 日 2025 年第 10 期 本周资讯一览 热点评论 韩国央行宣布将基准利率下调 25 个基点至 2.5% 经济增长预期大幅下调 经济 财政 政治 国际收支 ESG 主权信用 惠誉将阿根廷主权信用等级由 CCC 上调至 CCC+ 展望维持稳定 | 杜凌轩 | 010-66428877-279 | | | --- | --- | --- | | | lxdu@ccxi.com.cn | | | 王家璐 | 010-66428877-451 | | | | jlwang@ccxi.com.cn | | | 于 嘉 | 010-66428877-242 | | | | jyu@ccxi.com.cn | | | 张晶鑫 | 010-66428877-243 | | | | jxzhang@ccxi.com.cn | | | 易 成 | 010-66428877-246 | | | | chyi@ccxi.com.cn | | | 方菏阳 | 010-66428877-567 | | | | hyfang@ccxi.com.cn | | ...

Core Viewpoint - Hong Kong is projected to become the world's largest cross-border asset and wealth management center by 2027, driven by geopolitical dynamics, technological transformation, and green transition [4][8]. Group 1: Hong Kong's Role as a Capital Gateway - Hong Kong is increasingly recognized as a strategic capital gateway between the Middle East and Asia, particularly China, due to its close ties with mainland China [3][4]. - Middle Eastern capital is entering the Asian market through three levels: primary market cooperation, pre-IPO and private equity investments, and family office capital strategies [5][6]. Group 2: Financial Market Developments - The Hong Kong Stock Exchange (HKEX) has integrated with the Saudi Stock Exchange and other Middle Eastern markets, enhancing product and capital flows [6][7]. - In 2024, two ETFs tracking Hong Kong stocks will be listed on the Saudi Stock Exchange, indicating product innovation and deeper market connections [6][9]. Group 3: Growth of Family Offices - Over 2,700 family offices have established headquarters in Hong Kong, with half managing assets exceeding $50 million, reflecting the city's appeal for international family capital [8][10]. - Middle Eastern family offices are increasingly interested in investing in mainland China, with 18% planning to increase their investments there [10]. Group 4: Economic and Trade Relations - The number of Middle Eastern companies in Hong Kong increased by over 20% year-on-year in 2024, supported by strong trade relations and mutual economic benefits [7][9]. - Bilateral trade between Hong Kong and the Middle East has grown approximately 48% over the past five years, reaching about HKD 188.1 billion [9]. Group 5: Islamic Finance Opportunities - Hong Kong has been proactive in developing Islamic finance, issuing $3 billion in various Islamic bonds since 2007, and is looking to attract more Middle Eastern investments [12][13]. - The integration of Islamic finance principles with sustainable development goals is becoming a focus for Middle Eastern family offices, with about one-third practicing Islamic finance [11].