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25 Apr 2017   Daily Roundup

Emerging Market Credit Daily Roundup

UAE banks squeezed on interest rates – Bank Sohar secures fresh US$250mn syndi loan – Citigroup gets Saudi banking license – Yapi Kredi heads for euro covered bonds – Uganda, Tanzania top investor favourites in East Africa – South Sudan secures World Bank loan – Brazil debt rises 3.2% in March – Argentina’s Corboda retaps 2026s – NHAI to debut masala bonds this year – Rusal tightens guidance on 6-year Eurobonds

Can Chile Get its Groove Back?

For more than three decades, Chile was the poster child of neo-liberalism, the country that followed diligently the IMF playbook. Such discipline was rewarded with impressive growth and the envy of its Latin American peers. By 2010, pundits predicted that Chile was but a few years shy of becoming Latin America’s first “developed” nation. The latest down-cycle, marked by both low copper prices and the flirting with expanded government, created a new set of obstacles for Chile. The question hovering over voters ahead of the Presidential elections in November is, “Can Chile get its groove back?”

Czech, Please? Speculators Hesitate as De-Capped Koruna Rally Falters

Strong signalling and early exit from the currency cap allowed the Czech Central Bank to avoid FX volatility, but currency traders were left in limbo as a Swiss-style post-flotation appreciation failed to materialise.

Emerging Market Credit Daily Roundup

Saudi Arabia restores allowances, bonuses for government employees – HSBC wins role on Aramco IPO – Turkey passes new bond issuance rules – Libya pledges currency intervention – Ghana promises not to print money to finance deficit – Zimbabwe holds off on bond notes – Raia Drogasil SA hits the local market – Trinidad and Tobago gets S&P downgrade – Rosneft charts return to bond market

CASE STUDY: EU Investors Take Big Bite out of Sigma Alimentos’ €600mn Private Placement

Sigma Alimentos, a leader in refrigerated food goods in Latin America, priced a €600mn private placement through its existing curve off the back of strong demand from European investors, which were eager to get a piece of the company’s first investment grade transaction and its first trade in Europe.

Referendum Result Puts Reform in Focus in Turkey

With one of the most controversial referendums in Turkish history having come to pass and growth on the rebound, analysts are now focusing their attention on whether AKP will succeed in refocusing on the reform agenda that ushered in the party’s initial success in 2002.

Emerging Market Credit Daily Roundup

IFC to help launch US$2bn global green bond fund – Turkey’s Is Bank placed US$750mn bond – AfDB to allocate US$12bn to African energy projects - Argentinean province Neuquen issued US$366mn 7.5% international bond - ICBC Singapore placed a US$2bn dual-tranche bond - Foreign investors bought up RUB159bn in local currency Russian debt – General Motors joins the list of companies to leave crisis-hit Venezuela

Chile: An Emerging Market Faces Developed Market Challenges

Chile is forecasting slower than anticipated growth throughout 2017 as the country makes its way towards fresh elections in November. How is the slowdown affecting the banking sector and investor perceptions of Chile? We speak with Emiliano Muratore, CFO at Banco Santander-Chile for more on this and the bank’s fundraising strategy.

Peru’s Infrastructure: Life after Odebrecht

As the Odebrecht scandal continues to cause chaos in Latin America, Peru must find an effective way to revamp its paralyzed infrastructure projects.

Emerging Market Credit Daily Roundup

Al Baraka picks banks for sukuk – Aluminium Bahrain secures fresh funding for Line 6 project – Daewoo E&C inks loan deal with QIB – Kenya legislation to help facilitate sukuk issuance – Bank of China places first RMB bond out of Africa – Sanral delays bond over demand concerns – Dutch court orders Oi subsidiaries to enter bankruptcy proceedings – Unidas to hit the market with fresh debenture – IMF signals new concerns over China debt – Kalashnikov launches fresh exchange offer

 

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