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Russia could issue new Eurobonds – IDFI could issue debut SDR bonds – Ecuador prints US$1bn – NHPC Limited to issue new bonds – Turkey revokes Bank Asya license

Jul 26, 2016 // 5:32PM

  • Nigeria's Minister of Finance Kemi Adeosun will meet World Bank officials this week in a bid to secure a loan to plug the country's US$11bn budget deficit, according to local news reports
  • Venezuela's Central Bank secured a US$482mn 3-year loan from the Latin American Reserve Fund to help shore up the bank's reserves. The Central Bank's reserves have plunged to lows not seen for over a decade as the country struggles to stay afloat following a prolonged period of depressed oil prices, the country's main source of revenue
  • An as yet unnamed IDFI is rumoured to be in the process of issuing debut notes denominated in special drawing rights (SDRs), the synthetic reserve currency administered by the IMF, in China's interbank market, according to a report from Reuters and Caixin
  • The European Bank for Reconstruction and Development (EBRD) and International Finance Corporation (IFC) have each picked up a 16.67% stake in Akfen Renewable Energy, a subsidiary of Akfen Holding, at a cost of US$200mn
  • Ecuador printed a 5-year US$1bn bond paying a coupon of 10.75%, according to Reuters. The deal follows its US$750mn debt sale in May last year
  • Russia's Deputy Minister of Finance Maxim Oreshkin said the Finance Ministry may resume sales of foreign exchange currencies to help bridge a fiscal expenditure gap, according to state-owned Interfax news agency
  • Fitch has downgraded South Africa’s local-currency debt rating to 'BBB-', the same level as foreign currency debt, adding yet more pressure on the African nation
  • Indian hydroelectricity provider NHPC Limited plans to raise Rs4,500 crore (US$670mn) through bonds as it seeks funding for recently announced clean energy projects
  • Sukuk issuance from key Malaysia, Indonesia, Turkey and Pakistan rose 11% year-on-year in the first half of 2016 (US$21.74bn in 1H16 from US$19.54bn in 1H15), according to Fitch in a recently published report
  • Egypt's Central Bank has cancelled the sale of 1.5 and 3-year bonds on Monday, the second time this year the bank cancelled an Egyptian T-bill sale
  • Turkey's banking watchdog has cancelled the operating rights of Bank Asya
  • South Africa releases a slew of data this week. Consensus is for PPI to have increased to 6.7% year-on-year in June from 6.5% year-on-year in May. On a month-on-month basis, PPI is expected to have increased to 0.6% in June from 0.3% in May. The SARB also releases money supply and credit growth metrics on Friday. Consensus is for M3 growth to have slipped to 7.65% year-on-year in June from 7.79% in May, while PSCE is expected to have increased in June to 7.05% year-on-year in June from 6.60% in May
  • Fitch has downgraded Odebrecht Engenharia e Construcao's (OEC) Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR) to 'B-' from 'B+' and Long-Term National Scale Rating to 'BB-(bra)' from 'A-(bra)'
  • Alfa Bank placed US$102mn in Euro Commercial Paper (ECP) due July 2017
  • Kenya's Central Bank reported inflation increased to 5.8% in June from 5% the previous month. The bank kept the benchmark rate at 10.5%, but revised down the Kenya Banks’ Reference Rate (KBRR) from 9.87% to 8.90%
  • India's Glenmark Pharmaceuticals sold US$200mn in debut 5-year US dollar notes priced at 4.50%

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