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Dilma Rousseff impeached – Abu Dhabi Oil secures US$630mn loan – EIB successfully prices retap – Bank Al Bilad secures SAR2bn loan – Sri Lanka closes in on new loan

Aug 31, 2016 // 5:03PM

Michel Temer is to remain as Brazil's President until 2018 as Dilma Rousseff’s impeachment was supported by a majority of lawmakers in the country's senate.

Abu Dhabi Oil has secured a funding package totalling US$630mn from a range of lenders including the Japan Bank for International Cooperation (JBIC), Mizuho Bank, The Bank of Tokyo-Mitsubishi UFJ, and Sumitomo Mitsui Banking Corporation to help the oil company develop the Hail oilfield in the UAE.

Emirates Islamic Bank priced a US$250mn retap of an existing Islamic bond issued in May. The orderbook on the retap, which priced at MS+170bp, swelled to over US$706mn, the bank said, below the MS+220bp price on the initial deal. Lead arrangers were Bank ABC, Dubai Islamic Bank, EMCAP and Standard Chartered.

Saudi Arabia's Bank Al Bilad priced a SAR2bn (US$533mn) 10-year sukuk at 200bp above the three-month Saudi interbank offered rate in a private placement, the bank said.

Emaar Properties has reportedly mandated 10 banks to manage the sale of a benchmark-sized dollar denonminated bond, according to Bloomberg. Standard Chartered, Emirates NBD, National Bank of Abu Dhabi (NBAD), First Gulf Bank, Dubai Islamic Bank, Union National Bank, Mashreqbank, Abu Dhabi Islamic Bank, Noor Bank and Bank ABC are said to be leading the sale.

The Government of Sri Lanka is close to finalising a US$700mn 3-year syndicated loan led by Citi, CS Singapore, Emirates NBD, HSBC and Mashreq, in a deal expected to conclude the country's borrowing for the year.

The Central Bank of Sri Lanka left the standing deposit facility rate (SDFR) and the standing lending facility rate (SLFR) at 7% and 8.50% respectively this week, after raising rates earlier this year.

Paraguay's Finance Minister Santiago Pena said the government plans to issue up to US$588mn in bonds next year in order to help finance the 2017 budget, less than the US$740mn in potential borrowing approved to fund this year's budget.

Moody’s cut Mongolia's credit rating to B3 earlier this week, and has placed the sovereign on review for further downgrade.

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