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S&P lowers Azerbaijan’s credit outlook – Colombia’s Central Bank raises rates to 7.75% – HDFC raises INR30bn in masala bonds – IMF approves credit facility to Madagascar

Aug 1, 2016 // 5:53PM

  • Gol Linhas Aereas Inteligentes SA announced it is replacing its current CFO with a board member who formally held the position from 2003 to 2008 amid current attempts to restructure its debt
  • Moody's withdraws its ratings of Asya Katilim Bankasi A.S. and Asya Sukuk Company Limited after the Turkish Banking Regulation and Supervision Agency (BDDK) cancelled the institution's banking license and initiated its subsequent liquidation according to CPI Financial
  • The IMF has approved an SDR220mn (US$304.7mn) facility for Madagascar. SDR31.428 (US$43.5mn) will be made available for immediate use. The funds are designed to reinforce macroeconomic stability and promote sustainable and inclusive growth CPI Financial reports
  • Barclays Africa has reported a 77% increase in non-performing home loans
  • Diwan Housing Financial Corp (DHFL) is set to launch India's first CPI-linked bonds as part of its Rs4000cr fund mobilisation programme according to the Times of India. The transaction is set to open on August 3rd
  • The Bank of China is looking to increase its role in co-managing bond sales in Saudi Arabia and across the Middle East according to Bloomberg
  • S&P Global Ratings kept its sovereign credit rating at BB+ for The Republic of Azerbaijan, but lowered its outlook from stable to negative
  • The Colombian Central Bank last week raised interest rates by 25bp to 7.75% in an effort to curb inflation
  • Brazil’s net debt to GDP increased in June to 42.0% according to Schildershoven Finance, most of which is denominated in local currency
  • Indian housing finance company HDFC raised INR30bn (US$450mn) in masala bonds due in 2019. The issue was 4.3x oversubscribed. JLMs were Axis Bank, Credit Suisse and Nomura. The notes carried a coupon of 7.875% to yield 8.33% annually. The bonds were the first to from an Indian corporate to be issued offshore, and were listed on the London Stock Exchange
  • China's PMI fell to 49.9 in July, down from 50.0 in June
  • Thailand's CPI fell from 0.38% last month to 0.10%
  • Indonesia's CPI fell from 3.45% last month to 3.21%

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