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Energy

CASE STUDY: KNPC Seals USD6.245bn Loan in Largest ECA-Backed Corporate Transaction Ever

Kuwait National Petroleum Company’s (KNPC) USD6.245bn ECA-backed loan was a triumph for the company’s Clean Fuel Project and the region’s credit markets, setting a new record for the largest ECA-backed corporate loan to date.

5 Dec 2017

Latin America Credit Markets Brief: 9 November – 23 November

Brazil to buy back USD1.82bn of sovereign bonds – Pemex issued a GBP450mn bond – Petrobras inked a USD1bn secured loan – Chile holds rates – Electricidad de Caracas defaulted in a 2018 bond – Venezuela gets downgraded to ‘SD’ – Venezulean authorities arrested top Citgo executives – Entre Rios tapped the international markets with a USD150mn

23 Nov 2017

Middle East Credit Markets Brief: 09 November – 22 November

Kingdom Holdings halts borrowing plans – Citigroup will begin operations in KSA in early 2018 – London Court rules in favour of Dana’s bondholders – ADNOC secures USD6bn dual-tranche loan – Mazoon Electric Company issues a USD500mn sukuk – Lebanon carries out a debt swap – CIB to increase Tier 2 capital

22 Nov 2017

China’s Funding Options for Belt & Road: Will Emerging Markets Make Hay or Get Shut Out?

Unperturbed by global economic woes, geopolitical tensions and the rise of populism in the West, China is committing itself to the largest infrastructure development project since the Great Wall. But the costs of the grand project are expected to run into hundreds of billions of dollars and, with the Chinese banking sector already over-leveraged, questions arise over its ability to finance…

21 Nov 2017

Russia, CIS, Europe & Turkey Credit Markets Brief: 02 November – 16 November

Petropavlovsk sold USD500mn of fresh debt –– PSB gets downgraded – Rosneft’s shares take a hit due to Venezuelan crisis – Venezuela and Russia agree on debt restructuring –ABLV placed USD40mn of unsubordinated notes – Belarus to issue USD600mn next year – The government to support Turkey’s export sector

16 Nov 2017

Africa Credit Markets Brief: 01 November – 15 November

AfDB issued a USD2bn bond –Afreximbank to mobilise USD100bn to finance new trade deals – First Rand Bank secures dual-tranche syndicated loan – Nigeria to seek USD5.5bn in foreign borrowing – Namibia to boost public spending – DRC fails to account funds from Chinese loan – Chad and Glencore to talk debt restructuring – Army detains Zimbabwe’s President Robert Mugabe

15 Nov 2017

Middle East Credit Markets Brief: 25 October – 08 November

Saudi bonds fall as officials arrested amid anti-graft crackdown – Saudi PFI to contribute USD20-40bn to Blackstone-run fund – Egypt secures USD653mn financing for 13 solar projects – APICORP to issue USD500mn sukuk – ADNOC eager to pen USD6bn loan from syndicate of 13 banks – Bank Sohar issues a OMR100mn perp – Bahrain reportedly calls for GCC to freeze Qatar membership

8 Nov 2017

Russia, CIS, Europe & Turkey Credit Markets Brief: 19 October- 02 November

Rosselkhozbank to issue perpetual bonds – Petropavlovsk preparing its bond market debut –Croatia to hold a repo auction – Moldova cuts interest rates – Eurotorg issues Belarus’ first corporate bond – Greece to tap the international markets again – BOE hikes rates for first time since August 2016 – Relations between Turkey and the EU continue to deteriorate

2 Nov 2017

Africa Credit Markets Brief: 18 October – 01 November

BADEA to support economic development in the continent – SA budget deficit rose 4.3% – AfDB suspended a loan to Nigeria – Kenya to reopen 5-year notes – Ghana issued USD1.3bn of fresh debt – Tanzania struck a deal with Barrick Gold for USD300mn – Inflation in Zambia dropped – Zimbabwe hopes to cut budget deficit to 4%

1 Nov 2017

Latin America Credit Markets Brief: 12 October – 26 October

Nafin to return to the yen market – CFE issued a triple-tranche bond in the local market –Petrobras gets upgraded – Gerdau sold USD650mn in fresh debt – Argentina raises rates – Consumer prices to fall in Peru – The IMF might bail out Venezuela – PDVSA´s assets continue to rally – Guatemala gets downgraded – Bancolombia issued a ten-year bond

26 Oct 2017

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