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ECB keeps rates stead – CBN helps Skye Bank shore up liquidity – ONGC Videsh Ltd raises US$1bn in the dollar market – Brazil launches US$1.5bn bond – Telecom Egypt in loan talks

Jul 22, 2016 // 12:37PM

  • The European Central Bank left the key interest rate unchanged at 0% and will continue its €80bn monthly asset purchasing programme
  • Nigeria's Central Bank has provided short term liquidity to Skye Bank in a bid to help compensate for withdrawals in the wake of fears the bank could collapse
  • The Reserve Bank of Zimbabwe is in talks with Afreximbank and German printers Giesecke Devrient for the introduction of controversial bond notes, which are being introduced to address cash shortages, according to a report in the Zimbabwe Mail
  • Cuba has signed two loan deals with Saudi Arabia this week, a 5-year RCF worth US$50mn and a US$29mn loan to finance hydraulics works
  • Publicly owned Indian oil firm ONGC Videsh Ltd has raised US$1bn through US dollar bonds to finance its acquisition of 15% stake in Russia's second biggest oil field
  • Indian private sector lender Kotak Mahindra Bank said it plans to raise up to Rs 5,000 crore in bonds sometime in H2 2016, according to a regulatory filing
  • Indonesia's Central Bank held the 12-month reference rate BIPG steady at 6.50% and the 7-day repo rate at 5.25%, citing concerns over limited growth
  • Ghana's parliament moved forward with plans to amend legislation that would allow the Central Bank of Ghana to finance the budget deficit up to 5% of the previous year's total revenue, down from 10%. Analysts suggest the move could breach its agreement with the IMF, which wants to forbid Central Bank deficit financing altogether, on a US$1bn funding package negotiated between the two parties
  • Brazil launched a US$1.5bn long 30-year bond at 5.875%, inside the 6.125% achieved earlier this year on its 10-year notes. The deal generated US$6bn in orders. According to unconfirmed reports in local newspapers, the government plans to use some of the proceeds to fund up to BRL10bn in new spending initiatives
  • Telecom Egypt is in talks with banks over a EGP5bn (US$563.07mn) loan to acquire a 4G licence, according to a report from Reuters
  • Indonesian power generation company Cikarang Listrino plans to offer US$550mn in 10-year bonds within weeks

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