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Ghana sells Eurobond – New Development Bank planning rouble bonds – Peru considering debt swap on Fed hike fears – Moody’s to act on Poland – China FX reserves fall

Sep 9, 2016 // 4:52PM

Ghana has sold a US$750mn 5-year Eurobond at 9.25%. The bond was 4x oversubscribed and carries the shortest tenor of any of the country's Eurobonds.

The New Development Bank (BRICS Bank) is planning to issue its first rouble-denominated bonds by the end of the year, according to officials at the bank.

Peruvian Finance Minister Alfredo Thorne has said that the country could swap US$6bn worth of its dollar-denominated debt for local currency sol-denominated debt on expectations for a US rate hike this month.

China's PPI fell 0.8% year-on-year in August from 1.7% in July, and CPI growth fell 1.3% year-on-year from 1.8% in July.

A group of bondholders have rejected a debt restructuring plan by Oi SA, which would have entailed a debt reduction of BRL22bn (US$6.93bn) according to Reuters.

Minerva, the Brazilian beef company, has priced a US$1bn 10-year (non-call 5) senior unsecured bond to fund a tender for its 2023 notes. The lead managers are Banco Bradesco, Bank of America Merrill Lynch, HSBC, Itau and JP Morgan Reuters reports, adding that the bond will be listed on the Singapore stock exchange.

China's FX reserves fell by US$16bn to below US$3.2tn in August. The country also experienced net capital outflows of around US$41bn according to figures from the IIF.

Bank Otkritie is currently on a roadshow to place a Eurobond of between US$500mn and US$700mn in size.

The Mexican Government has increased its primary budget surplus forecast for 2017 to 0.4% of GDP.

Poland's credit rating is to be reviewed by Moody's today, which has caused some weakness in the country's currency.

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