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Odebrecht struggles with debt restructuring – IDBZ raises US$45mn in energy bonds – Scotiabank de Costa Rica S.A. secures dual-tranche loan – EESL eyes green bonds

Jul 20, 2016 // 5:42PM

  • Odebrecht continues to struggle restructuring its debt, with its subsidiary Odebrecht Serviços putting up its entire stake in Brazilian petrochemicals firm Braskem SA as collateral for outstanding loans, according to Reuters. The company is currently looking to restructure about BRL35bn (US$10.8bn) in outstanding debt
  • Nigeria's Sterling Bank has called off talks to acquire rival Keystone Bank, the last of the country's nationalised lenders, citing a poor strategic fit. The sharp depreciation of the naira caused by the country's FX regime shift has put a strain on Sterling's future acquisition plans
  • The Infrastructure Development Bank of Zimbabwe (IDBZ) has raised US$45mn in energy bonds to finance the refurbishment of two power generation projects: the Kariba South Power Station and the Harare Thermal Power Station
  • Scotiabank de Costa Rica S.A. secured a US$125mn dual-tranche senior unsecured loan. Bladex Wells Fargo Securities acted as joint lead arrangers and bookrunners on the facility
  • Mobily, the Saudi Arabian subsidiary of Etisalat is in talks to refinance SAR8bn (US$2.1bn) in debt, according to a report from Bloomberg
  • Energy Efficiency Services Ltd (EESL), India’s largest energy saving services company, said it could raise up to US$100mn in green bonds as early as November this year
  • Turkey's Central Bank cut the overnight lending rate by 25bp to 8.75%. The lira weakened slightly from TL3.0423/USD to TL3.0464/USD following the decision
  • In Malaysia, lenders are rumoured to have been selected for the establishment of a RM13bn (US$3.2bn) Islamic medium-term note (MTN) programme to finance initial construction operations for the Pan-Borneo Highway in the eastern part of the country
  • Colombia’s trade deficit decreased to US$740mn in May, compared to US$1.3bn in the previous month
  • Argentina's Province of Chubut announced a US$650mn 7-year amortizing bond paying 7.75%. Bank of America Merrill Lynch, BNP Paribas are acting as bookrunners. Puente Corredor de Bolsa and UBS are co-managing the deal

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