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Cote d’Ivoire launches CFA150bn sukuk – Azerbaijan raises key interest rate to 9.5% – Colombian inflation rises to 8.97% – Moody’s delays post-coup review of Turkey’s credit rating

Aug 8, 2016 // 5:14PM

  • Panamanian electricity distributor Elektra Noreste's long-term foreign and local currency IDRs have been rated at BBB with a stable outlook by Fitch Ratings. The agency's report noted that the rating affects around US$100mn of outstanding debt due in 2021
  • Itau BBA International Plc received its first credit rating from Moody's. The rating is A3, and is six notches higher than the branch's parent company Itau Unibanco according to Reuters
  • Russia's Economic Development Minister said that the government could look to tap the international markets again this year for another US$1.25bn Eurobond. He added that the country could also tap the markets next year
  • The Cote d'Ivoire has launched a CFA150bn 7-year sukuk, which is backed by state property assets. The lead arranger was the Islamic Corporation for the Development of the Private Sector (ICD). Co-lead managers were Bibe Finance & Securities, Bici Exchange and BNI Finance Ivory Coast according to
  • The United Bank for Africa (UBA) has exercised a call option for its NGN20bn 7-year 13% bond, which was due to mature next year according to The Nation
  • QIIB's QAR1bn Tier 1 sukuk issuance was noted as credit positive by Moody's
  • Moody's has delayed its planned review of Turkey's credit rating following the attempted coup in the country according to the FT
  • Hungary's industrial production fell 0.30% year-on-year in June
  • Turkey's industrial production increased by 1.1% year-on-year in June
  • Azerbaijan has raised its key interest rate from 7% to 9.5%
  • Belarus' long-term foreign and local currency IDRs have been affirmed at B- with a stable outlook by Fitch Ratings
  • Colombian inflation rose to 8.97% year-on-year in July according to Schildershoven Finance
  • The Republic of Congo has missed a payment on its Eurobond which has caused a credit rating cut from Moody's and Fitch Ratings according to African Business Review
  • Chile reported CPI at 4% year-on-year for July, down from 4.2% in June

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