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Fitch adjusts sukuk rating methodology – Kuwait to issue US$9bn in 2H16 – Zain Saudi Arabia lands new loan – Ekovest to issue RM3.64bn in new notes

Aug 17, 2016 // 5:29PM

  • Fitch has adjusted its rating methodology for sukuk as applied to originator-backed (or asset-based) sukuk structures, where investors rely on obligor direct support features and contractual commitments built into the documentation
  • Ahli United Bank Kuwait secured approval from Kuwait's central bank to issue a capital-boosting US$200mn sukuk, the bank announced
  • Kuwait plans to issue up to US$9bn in new debt sometime during the second half of this year in a bid to cover a yawning budget deficit, which is reported to stand at roughly US$15.6bn
  • Qatar's Central Bank has auctioned QAR3bn (US$825mn) in its first domestic government bond this year
  • C&I Leasing Plc, a Nigerian leasing and financial services firm, has listed a NGN600mn 18.25% fixed rates bond on the FMDQ OTC securities exchange
  • Zain Saudi Arabia has refinanced a SAR2.25bn (US$600mn) loan with a new facility of equal value from the Industrial and Commercial Bank of China. The original loan, which was used to finance existing debt, was signed with Arab National Bank, Banque Saudi Fransi, Gulf International Bank and Samba Financial Group
  • The Russian Ministry of Finance announced auctions for two issues of OFZ bonds totalling roughly RUB20bn (US$312.5mn), according to TASS
  • Ekovest Bhd is set to issue the largest ringgit-denominated wakalah-structured sukuk totalling RM3.64bn (US$909mn) to fund the Setiawangsa-Pantai Expressway (SPE), one of the country's largest toll road projects
  • The Armenian Central Bank has lowered the refinancing rate by 25bp to 7.25% from 7.5%.
  • The IFC has approved a BRL80mn loan to Phoenix Tower Participações S.A. to help the wireless operator expand its infrastructure footprint

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