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ING Turkey seals syndicated loan – PDO secures US$4bn pre-export facility – Argentine corporates rush to tap the markets – Ghana reforms primary securities dealer licenses

Jun 30, 2016 // 6:08PM

  • ING Turkey secured a dual-currency 1-year syndicated loan from 26 lenders, made up of a US$101.08mn tranche yielding 0.55% margin and a €358.13mn tranche yielding 0.45%
  • Brazilian pulp and paper producer Fibria issued two series of Agribusiness Receivables Certificates (CRAs): one 4-year series of BRL880mn maturing in 2020 and yielding 97% of the overnight rate (CDI); and one 7-year series of BRL470mn (maturing in 2023) and yielding IPCA + 5.9844% (NtN-B 2022 – 0.25%)
  • TMB Northern Energy's MYR1.6bn sukuk has had its rating of AAA with a stable outlook affirmed by MARC
  • Maxis Broadband, a unit of Maxis Bhd, is planning a MYR10bn sukuk programme, with issuances that could have up to a 30-year tenor. The proceeds will be used for capex and M&A
  • The World Bank plans to offer a double loan to Azerbaijan and Turkey for the Southern Gas Corridor pipeline project
  • Petroleum Development Oman (PDO) received a US$4bn loan. The 5-year pre-export facility was priced at 160bp over LIBOR
  • Argentine infrastructure company CLISA is set to begin roadshows ahead of a potential bond sale
  • Chilean firm Transelec is looking to begin roadshows ahead of a bond sale
  • YPF, the Argentine oil company, has announced a peso-linked 4-year dollar denominated bond. IPTs around BADLAR + 400bp
  • Pampa Energia has hired banks for a bond sale that will refinance a US$700mn bridge loan
  • Celulosa Argentina is planning a US$250mn 7-year bond, according to reports
  • The Central Bank of Ghana has licensed 15 primary dealers to act in the treasury securities market and eliminated government fees for their services. The government plans to issue GHC16.83bn (US$4.2bn) in short-and medium-term domestic securities in Q3 2016
  • The Government of Oman sold a US$500mn triple-tranche sukuk with a profit rate of 3.5%
  • The Government of Nigeria plans to raise between NGN305bn and NGN395bn (US$1.08-1.40bn) in local currency-denominated bonds with maturities ranging from 5 to 20 years in Q3 2016, according to the country's Debt Management Office (DMO)
  • Argentina's Central Bank cut its key reference rate by 75bp to 30.75% citing disinflation concerns
  • The Dominican Republic announced a US$500mn tap of its 6.875% 2026 bond, bringing the total outsanding amount on those notes to US$1.5bn
  • Marfig re-tapped its 7-year US$750mn notes issued in May this year with an additional US$250mn after seeing more than US$900mn in demand

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