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21 Feb 2017   Daily Roundup

Daily Roundup

China’s iQiyi.com raises US$1.53bn in new funds – Bahrain and Oman prepare new dollar-bond issuances – Kuwait’s KIPCO issues US$500mn 4.5% bond – Nigeria plans to borrow US$1bn from World Bank – Rosneft set to finalize purchase of India’s Essar Oil for US$12.9bn - Mexico's Central Bank chief Agustin Carstens agrees to stay in the job amid Trump uncertainty - Citigroup agrees to pay a penalty of US$5.4mn to South Africa in rand rigging probe

Protectionism and the Market Repercussions

As populist politicians and leaders rise to prominence in the developed world, anti-globalist attitudes and protectionism are also entering the economic frame. With Trump casting doubts over the future of NAFTA and Brexit putting a strain on EU's economic integration, Richard Segal, Senior Analyst at Manulife Asset Management, considers some of the practical effects these policies may bring in the coming years.

Case Study: Promigas Shifts Liability Management Strategy with US$200mn Loan

Colombia’s Promigas marked its first foray into the syndicated loan markets by securing a US$200mn 5-year unsecured facility, allowing the company to consolidate its existing debt at more aggressive pricing while broadening its funding base.

Daily Roundup

Mongolia reached an agreement over US$440mn IMF loan package - Leftist Lenin Moreno on course to win Ecuador’s presidential election – Nigerian naira hits new black-market lows – Ghana suspend US$4.1bn bond issuance - Moody’s upgrade’s Russia’s sovereign outlook to stable - Russian Railways set the first coupon at 8.65% for RUB25bn domestic bond - Indonesian construction firm PT Hutama Karya preps a IDR5.5tn (US$412mn) bond for April

Andean Markets: Banking Sector Outlook for 2017

With stable GDP growth, strong demographics and a flurry of infrastructure programmes under way in the Andes, the region’s banking sector needs to provide the financial backbone for further development of some of the most flourishing economies in the EM space – that is, if the banks are able to steer clear of the pitfalls: corruption scandals, market volatility, and a potential global trade overhaul.

Daily Roundup

KIPCO prices benchmark bond – Dubai in the market for fresh credit – Turkey sets final guidance on re-tap – AfDB supports Kenyan agricultural development programme – Nigeria Eurobond 8X oversubscribed – Realty SA in restructuring talks – Argentina’s Province of La Rioja prices US$200mn bond – China to strengthen anti-money laundering measures – RBI eases access on Masala bonds

CASE STUDY: Colombia Taps Debt Markets With €1.35bn Sovereign Eurobond

Colombia’s €1.35bn Eurobond represents Colombia’s first benchmark Euro-denominate issuance in over 15 years and marks the Republic’s largest euro-denominated transaction to date, fulfilling the country’s cross border funding requirements for the year.

Basel III Could Drive Banking Sector Credit Rush in South Africa

With about ZAR72bn in senior unsecured bank debt maturing in 2017 and new Basel III requirements being phased in January 2018, analysts are forecasting an uptick in senior and subordinated issuance in South Africa through 2017 – a welcome change from relatively subdued volumes seen last year.

Daily Roundup

Ahli Bank of Qatar sets final guidance on bond – Majid Al Futtaim could sell benchmark notes to help finance Geant stake acquisition – US$2.5bn World Bank loan to Nigeria contingent on FX reform – Nigeria to make Paris Agreement announcement alongside green bond launch – South Africa slaps fine on over a dozen banks – Terrafina nails US$150mn refi – Algar Telecom readies dual-tranche debenture – India banks struggle with bad loans – VTB bank privatisation put on hold

Colombia’s Central Bank Chief Vows to Aim for Inflation Target Despite Headwinds

Juan Jose Echavarria, the new Governor of Colombia’s Central Bank, has come into the job at a time of uncertainty for global markets. With inflationary pressures simmering, countered by the need to boost growth through tightening, Bonds & Loans asked the country’s top banker about the legacy he has inherited and how the Bank plans to navigate the challenging economic landscape ahead.

 

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