Call us on
+44 (0) 207 045 0920

Daily Roundup

Central Bank of Turkey sets up US$200bn infra fund – Mexican sovereign, banking system revised to negative – Saudi Arabia to raise SAR20bn – Xinyuan Real Estate Co to issue follow-on dollar bond

Aug 24, 2016 // 4:57PM

  • The Central Bank of Turkey has cut the overnight lending rate by 25bp to 8.5%, prompting a brief rise in the country's government bonds
  • Turkey is setting up a sovereign wealth fund to help back infrastructure projects that don't have a build-to-operate (BTO) financing model. The fund, which could see more than US$200bn put to use, will be dedicated mainly to transport-related infrastructure projects, according to the country's Transport, Maritime and Communication Minister Ahmet Arslan
  • S&P has revised its outlook on the Mexican sovereign from stable to negative, citing lower than expected growth and increased government debt. The move means there is a one in three chance that the sovereign could lose its BBB+ within the next 24 months
  • Moody's has revised its outlook on the Mexican banking system from stable to negative, arguing that asset quality could deteriorate in the lower-than-expected growth environment. Mexico's GDP is expected to grow at 2.5% for the coming year while loans are expected to grow by 12%, according to a recently published report by the CRA
  • Brazil's current account deficit was released this week. The country's deficit exceeded US$4bn in June, while analysts were expecting a deficit in range of US$3.7bn. The figures were released a day after Brazil's government committed to engaging in a splashy public relations campaign to help restore global confidence in the country
  • Saudi Arabia will aim to raise SAR20bn in bond sales to local banks in order to shore up the country's deficit, according to a report from Maaal
  • Piramal Enterprises and Bain Capital Credit are partnering to create a US$1bn fund to invest in restructured credit in India, according to a report from the EconTimes
  • Xinyuan Real Estate Co looks to issue senior unsecured dollar-denominated notes this week in order to refinance its offshore senior notes due 2018 and other existing debts. The issuance will follow its CNY400mn bond issued this week
  • The Central Bank of Nigeria has suspended nine banks from the interbank currency market for failing to remit money owed to the government, according to a report from Reuters
  • Slovenia is planning to sell Euro-denominated bonds to buy dollar-denominated notes maturing in 2022, 2023 and 2024
  • Fitch downgraded 77 of its 198 internationally rated Latin American corporates in the past 12 months according to a recently published report on the company's website. The downgrades, largely due to plummetting cashflows, were concentrated in Brazil, where 56 of the downgrades occurred
  • Argentina's Central Bank cut the 35-day Lebac interest rate by another 50bp to 29.25% as core inflationary pressures ease
  • The National Bank of Hungary has left the benchmark 3-month interest rate unchanged

Bonds & Loans is a trusted provider of news, analysis, and commentary that helps illuminate the most significant issues, events and trends impacting the global emerging credit markets.

Want full access to weekly Macro insight sessions & market-leading virtual conferences?


Upcoming Virtual Conferences

Next Macro Insights Presentation

Recommended Stories