SOVEREIGN DEBT RESTRUCTURING | MASTERCLASS

A deep dive masterclass on sovereign debt restructuring, to be conducted virtually by Asian high yield bond expert Florian Schmidt.

30 June 2022 (Thu), 5pm Singapore/HK time

Saudi Aramco’s Q2 net income rose almost 4x to $25.5bn. Net income for 1H was $47.2bn, representing a 103% rise over the same period last year. Aramco said their “results were primarily driven by higher oil prices and a recovery in worldwide demand, supported by the global easing of COVID-19 restrictions”. Aramco announced cash flow from operating activities at $30.1bn in Q2 and $56.5bn in 1H and free cash flows of $22.6bn and $40.9bn for the quarter and half-year respectively. Aramco’s gearing ratio was at 19.4% vs. 23% at end-2020, improving due to higher cash balances on the back of strong operating cash flows and cash proceeds in connection with Aramco’s stabilized crude oil pipelines transaction. They also noted that capex was at $7.5bn in Q2 and $15.7bn in H1, an increase of 20% and 15% YoY. The oil major declared an $18.8bn dividend in its earnings release.

Aramco’s dollar bonds were stable – its 3.25% 2050s were at 97.2, yielding 3.4%.

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