Bahrain said to turn away Qatari investors from bond sale

Bahrain refused to process bids by Qatari investors for its largest-ever bond offering after cutting ties with the gas-rich Gulf state in June, according to two people familiar with the matter.

Doha-based companies that submitted bids for Bahrain’s US$3 billion debt sale last week weren’t given allocations because the island state, along with other Gulf economies, are cutting their financial exposure to Qatar, the people said, asking not to be identified because the matter is private. The Bahraini government didn’t send a formal directive to arrangers about Qatari bids, a third person said.

Bahrain last week completed a three-tranche issue after receiving bids worth $15bn. The sale was the first by a Gulf sovereign since Saudi Arabia, the United Arab Emirates, Bahrain and Egypt cut diplomatic relations and closed transport routes with Qatar on June 5, accusing the nation of funding terrorism, a charge it denies. Some banks in those countries have since cut their exposure to Qatar amid concerns of a widening of the standoff.

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Bahrain raises $3 billion in largest ever debt sale

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The rift has impacted bond sales in the Gulf amid concerns that regional political risk is increasing, pushing many issuers to consider private placements and syndicated loans instead. Gulf issuers raised $8.3bn so far this quarter, down from $18.8bn in the three months ending June 30, according to data compiled by Bloomberg.

Bahrain, like other oil-exporting countries across the region, has made repeated use of international debt markets to bolster public budgets since energy markets slumped. Bahrain’s fiscal deficit reached 15 per cent of economic output last year.

Moody’s Investors Service in July cut Bahrain’s rating to B1, four levels below investment grade, saying it expects the government’s debt burden and affordability to deteriorate significantly over the next two to three years. The country is also rated junk by S&P Global Ratings and Fitch Ratings Ltd.

JPMorgan Chase, Citigroup, BNP Paribas, Gulf International Bank and National Bank of Bahrain arranged the offering, with maturities ranging from seven to 30 years.

The Central Bank of Bahrain didn’t immediately respond to calls seeking comment, while the Ministry of Finance didn’t respond to an email. Citigroup declined to comment, while JPMorgan, BNP, Gulf International and National Bank of Bahrain didn’t respond to emails.

Nayanthara: Beyond The Fairy Tale

Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni

Director: Amith Krishnan

Rating: 3.5/5

Citadel: Honey Bunny first episode

Directors: Raj & DK

Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon

Rating: 4/5

NYBL PROFILE

Company name: Nybl

Date started: November 2018

Founder: Noor Alnahhas, Michael LeTan, Hafsa Yazdni, Sufyaan Abdul Haseeb, Waleed Rifaat, Mohammed Shono

Based: Dubai, UAE

Sector: Software Technology / Artificial Intelligence

Initial investment: $500,000

Funding round: Series B (raising $5m)

Partners/Incubators: Dubai Future Accelerators Cohort 4, Dubai Future Accelerators Cohort 6, AI Venture Labs Cohort 1, Microsoft Scale-up

RESULTS

2.15pm Maiden (PA) Dh40,000 (Dirt) 1,200m

Winner Shawall, Abdul Aziz Al Balushi (jockey), Majed Al Jahouri (trainer)

2.45pm Handicap (PA) Dh40,000 (D) 1,200m

Winner Anna Bella Aa, Fabrice Veron, Abdelkhir Adam

3.15pm Handicap (PA) Dh40,000 (D) 1,200m

Winner AF Thayer, Tadhg O’Shea, Ernst Oertel

3.45pm Handicap (PA) Dh40,000 (D) 1,700m

Winner Taajer, Fabrice Veron, Eric Lemartinel

4.15pm The Ruler of Sharjah Cup – Prestige (PA) Dh250,000 (D) 1,700m

Winner Jawaal, Jim Crowley, Majed Al Jahouri

4.45pm Handicap (TB) Dh40,000 (D) 2,000m

Winner Maqaadeer, Jim Crowley, Doug Watson

10 tips for entry-level job seekers

Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.

Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz