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Daily Roundup

Bolivia gets downgraded – HIBOR doubles overnight – Kuwait, Saudi Arabia may cooperate on mammoth bond issuances – Uruguay announces retaps – Albanesi lines up dollar bond

Jul 14, 2016 // 3:47PM

  • Fitch Ratings has downgraded Bolivia's Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) to 'BB-' from 'BB' with a stable outlook, reflecting weaker gas prices and the government's growing deficit
  • The Green Climate Fund has approved a US$49mn loan for a 143MW PV project in Chile through the Development Bank of Latin America
  • The Yuan interbank offshore borrowing rate - HIBOR - jumped 2.4600% to 4.8310% on Wednesday following tightening liquidity in the offshore market
  • Chinese corporate debt will peak at 178% of GDP this year, according to research analysts at Citi Research. The sustainability of the country’s corporate debt levels has heightened concerns over a hard landing in the wake of further deterioration of China’s economy
  • Kuwait may coordinate with Saudi Arabia as the two countries look to sell up to US$20bn in bonds in the coming months, according to a report from Bloomberg
  • Chinese solar manufacturer JinkoSolar sealed a JPY2 billion syndicated loan with a consortium led by SMBC and includes Mizuho Bank, Industrial and Commercial Bank of China (ICBC), and NEC Capital Solutions Ltd.
  • Uruguay announced a US$400mn retap of its 4.375% 2027 notes and a US$747mn retap of its 5.1% 2050 bonds. Barclays, BNP Paribas and JP Morgan were joint bookrunners on the deal
  • Mexican consumer finance lender Credito Real priced a US$625m 7NC4 senior unsecured bond to yield 7.375%. Barclays, Deutsche Bank and Morgan Stanley are lead managing the deal
  • Argentine electric utility Albanesi is said to have picked banks for a potential US dollar bond, according to a report from Reuters
  • The Bank of England surprised markets by keeping rates steady at 0.5%, leading to a rally in the GBP - which hit $1.3475
  • The IMF has revised up its forecast on the performance of the Russian economy, predicting a 1.2% contraction instead of 1.5%, with the expectation that it will return to growth next year
  • Russia's Bank for Development and Foreign Economic Affairs (VEB) has set a 4.9% coupon on US$600mn of local 5-year bonds, shaving 60bp off its initial IPTs
  • Brazilian steelmaker Usinas Siderúrgicas de Minas Gerais SA secured a 60-day extension on debt repayments to BNDES, and is currently in talks for a 4-month extenion on roughly BRL4bn (US$1.2bn) owed to a number of commercial lenders

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