23 Mar 2017   Daily Roundup

Daily Roundup

Salhia Real Estate signs new credit facility – Egypt secures US$61mn loan, extend borrowing to US$3bn in 2017 – Akbank inks dual-currency loan – Moody’s downgrades outlook on Turkish corporates – Cape Town to issue green bonds – Angola secures new funding from Chinese lenders – Argentina to limit provincial spending – Brazil tries to ease concerns around beef sector – China to align climate bond guidelines with international standards – Poland signals it could ease monetary policy later this year

VIDEO: Interview Arthur Rubin, Head of Latin America DCM, SMBC Nikko Securities America, Inc.

Bonds & Loans speaks with Arthur Rubin, Head of Latin America DCM, SMBC Nikko Securities America, Inc. at the Bonds, Loans & Derivatives Andes 2017 conference about the macro-economic risks facing the Andean region, and the credit market outlook in 2017.

CASE STUDY: Nedbank Pioneers AT1 Instruments in South Africa

Nedbank successfully priced South Africa’s first Tier 1 capital Basel III-compliant securities in 2016, setting the stage for future issuances ahead of the regulatory framework’s introduction in the country over the next year.

Daily Roundup

Saudi Arabia gets rating cut from Fitch – Aramco to test waters with US$2bn bond – TSKB pioneers green Tier II bonds – Kenya to start selling mobile bonds – Uganda asks China for US$600mn loan – UK boosts investment into Argentina – Odebrecht division set to issue local debt – Nafin test yen-bond waters – Shinhan Bank hits the international market – Gazprom to pounce on the pound market

Gabon: A Step in the Right Direction

Analysing and investing in Frontier Emerging Markets usually comes with its fair share of challenges; often, these are centred on availability or quality of data, news, language barriers, and finally, accessibility. Gabon is a great example of how these challenges can distort the real opportunities before us, and progress made on key initiatives.

VIDEO: Interview with Michael Dunning, Head of Corporate Ratings, EMEA, Fitch Ratings

Bonds & Loans spoke with Michael Dunning, Regional Head of Analytics Group in EMEA Region for Fitch, about the success of Russia's macro outlook for 2017, the success of banking sector clean-up and the prospects of the rouble.

Daily Roundup

Ezdan Holdings meets investors ahead of sukuk sale – Lebanon sells US$3bn triple-tranche bond – IDB mandates banks on sukuk – Gold Mineral Resources raises fresh loan – Paraguay hits the road ahead of dollar bond sale – Belize gets rating cut – China suspends Brazil beef imports – Norilsk Nickel to sell benchmark bond

Interest Rates in Brazil: If Only It Were That Easy

The concern over high interest rates in Brazil is understandable. It impacts the public coffers in favour of the richest and discourages productive investment. Many analysts argue that the interest rate is too high, and that the main reason for its inaction is pressure from special interest groups, notably the financial market. Although this argument is seductive for its simplicity, it does not jibe with the complexity of the theme.

VIDEO: Interview with Richard Segal, Senior Emerging Markets Credit Analyst, Manulife AM

Bonds & Loans spoke with Richard Segal, Senior Emerging Markets Credit Analyst at Manulife Asset Management to get his take on what's driving the Russian credit market, and which sectors he thinks look most likely to generate deals.

Daily Roundup

Moody’s: Brazilian corporates see outlook improve – ADCB prices formosa trade – Commercial Bank of Qatar in talks over bond offering – Moody’s cuts Turkey outlook – Kenya signs US$800mn syndi loan – Nigeria Central Bank to sell currency forwards – Global Bank Corp re-taps 2021s – BCI hits the loan market – Sritex issues 7NC4 bond – China Evergrande Group raises US$1.5bn in international markets – Russian outlook revised to positive by S&P – Magnit could buy out Agrokor


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