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QNB latest GCC issuer to hit the dollar market – Nigeria enters into recession - Cabei issues RMB-denominated notes in Taiwanese market – Citibank bails on PDVSA – PBOC, Chinese regulators working on green bond guidelines

Sep 1, 2016 // 5:10PM

Qatar National Bank issued 5-year benchmark-sized bonds this week. IPTs were in the MS+135bp range but tightened 15bp by the time it hit the market. The deal was arranged by Barclays, HSBC, Mizuho, Mitsubishi UFJ Securities, Standard Chartered, and QNB Capital.

The Nigerian economy has officially moved into a recession for the first time in 25 years as data recently published by the Nigerian Bureau of Statistics (NBS) shows growth contracted by 2.06%, largely on the back of falling oil revenues and currency volatility following the country’s currency regime change.

The Central American Bank for Economic Integration (Cabei) tapped the Taiwanese market this week with a RMB700mn (US$104.6mn) 3-year bond priced at par to yield 3.95%. The deal was managed by Standard Chartered.

Citibank is stepping aside as the bank in charge of making payments on bonds issued by Venezuelan state oil company PDVSA, according to a report from Reuters. The report follows news in July that the bank said PDVSA would need to name a new paying agent for the company's outstanding dollar-denominated bonds.

In a significant step forward for renewable financing, the People's Bank of China (PBOC) and six other central authorities in China are working to set up guidelines for green financing that would help the country's organisations become more sustainable through the issuance of green bonds and similar instruments. Regulators are also mulling the introduction of green insurance and environmental rights trading markets.

African sovereign Eurobonds are trending on average 300bp above the EM average as yields on the continent continue to soar, according to data from Bloomberg. The head of the AfDB recently warned African sovereign from further international borrowing, saying that these countries should raise taxes instead.

Brazil's Central Bank voted again to leave its interest rate unchanged at 14.25% as inflation touches 9%, with analysts suggesting that a rate cut won't be on the table until at least November.

The Reserve Bank of India will auction four bonds for Rs140bnthis week including Rs80bn in benchmark 10-year paper, according to the RBI.

Mexico’s Central Bank cut its 2016 growth forecast for a fourth time on the back of slowing exports, revising projected growth down from 2.5% to 1.7%

Russia’s manufacturing PMI increased from 49.5 to 50.8 in August,a further sign of improving economic health in the country

The Caixin China manufacturing PMI improved in August to 50.4 from 49.9, suggesting subtle expansion in the sectors.

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