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12 Oct 2017   Americas, Projects, Macro, Deals, Ratings

Latin America Credit Markets Brief: 28 September-12 October

UK aims to bolster trade relationships with South America – Mexico issued a USD1.8bn bond – Grupo Bimbo tapped the local markets with 10-year notes – IFC to invest USD200 in a plant in Brazil – Brazil sold USD3bn of fresh debt – Argentina to grow 3% in 2017 – Venezuela’s inflation to hit 2,300% in 2018 – Chile’s Colbun issued a 10-year bond – Venezuela’s securities hit a three-year high – El Salvador gets downgraded – Colombia holds rates

Middle East Credit Markets Brief: 27 September – 11 October

Syndicated lending in EMEA down 9% to USD610bn in 2017 – Abu Dhabi’s USD10bn bond 3x oversubscribed – UAE’s Ajman Bank secures USD200mn syndicated Islamic loan – UAE banks looking to ditch Qatari assets over GCC rift – Saudi Aramco on course to complete IPO in 2018 – Saudi Arabia issues USD12.5bn international bond – Qatar mulling USD9-11bn bond sale

Russia, CIS, Europe & Turkey Credit Markets Brief: 21 September- 5 October

B&N and Otkrite to merge – Sberbank to withdraw from some European countries – Sibur issued a USD500mn bond – Armenia holds rates – Slovenia places a EUR700mn bond – Turkey to issue gold-backed instruments – Yields on Spain’s bonds spike after referendum

Africa Credit Markets Brief: 20 September – 04 October

African Development Bank tapped the international markets – South Africa issued dollar bonds worth USD2.5bn – NPLs rise in Nigeria – Nigeria raises NGN105.87 through maiden sovereign sukuk - Kenya Airways is looking to restructure debt – Ghana holds rates – Zimbabwe gets a USD600mn credit line from Afreximbank

Latin America Credit Markets Brief: 14 September – 28 September

The Fed slows rate hikes – AT&T mulls LatAm payTV divestment – Amazon Inc. to build gigantic Mexican distribution warehouse – Mexico quake to trim GDP by 0.1-0.3% - Petrobras completes swap – Temer’s approval ratings at all-time low – Argentina outlook mixed, current account data suggests – Peru lowers policy rate for third time in 2017 – Venezuela running out of fiscal room – Chile MinFin says public spending to grow 3% in 2018

Middle East Credit Markets Brief: 13 September – 27 September

GCC bonds soften on FOMC tone – Saudi Arabia pushes forward with local sukuk sales – Emaar secures syndi loan – UAE Central Bank soaks up additional liquidity – Nebras prices landmark deal – QIC pulls out of UAE amid diplomatic rift – Egypt plans more Eurobonds – Bahrain prices triple-trancher – Iran makes headway on gov’t spending transparency – Lebanon passes crucial tax reforms – OOECP, Mazoon Dairy ink new deals

Brazil: The Urge to Spend

When the money runs out it’s never good, but there is a positive side. It guides the economic agenda to find better allocation and greater efficiency in public spending. In Brazil, we spend very poorly, both from the standpoint of economic efficiency as well as social justice.

San Antonio Internacional CFO on The Long Road to the Capital Markets

San Antonio Internacional, an oil and gas company, just finalised its initial public offering scheme with the Comision Nacional de Valores (CNV) – paving the way for its debut in the debt markets. Bonds & Loans speaks with its CFO, Pablo Miedziak on what the company is doing to prepare for its first foray into the bond markets, and its funding objectives for the next year.

Dar Al-Arkan Looks to Fill Shortage of Saudi Real Estate Firms in Dubai

The Saudi real estate development company Dar Al-Arkan tapped the Islamic markets with a USD500mn 5-year Sukuk in May this year, in the process drawing the attention of yield-hungry investors seeking hard-currency exposure in GCC fixed income. With new regulations expected to transform the sector and as KSA’s fiscal consolidation plan takes shape, we speak with Dar Al-Arkan CFO Mika Toivola about the company’s recent deals and funding strategy going forward.

Latin America Credit Markets Brief: 31 August – 14 September

A fortnightly review of Latin America's debt capital markets, covering the latest loan and bond deals, rating actions, policy and credit market developments... NAFTA negotiations refocus on labour costs – Uncertainty around Mexico’s CAT bonds following quake – Mexico gets growth forecast lift – Brazil introduces secured lending, covered bond reforms – Argentina to boost borrowing from concessional lenders in 2018 – Uruguay VP resigns ahead of fund misuse investigation – Peru plans to issue USD6bn in 2018 – Chile’s economic team resigns – Panama’s Banistmo issues fresh Eurobonds

 

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