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Nicaragua seals US$103.4mn funding deal – YPF mandates banks for CHF bond – Ukraine gears up for Eurobond sale – Argentine province of Cordoba gears up for US$150mn note sale – China Huarong, Unionlife Insurance Company issue benchmark dollar bonds

Sep 13, 2016 // 5:34PM

Nicaragua is set to receive US$103.4mn in financing for a renewable power project. The Inter-American Development Bank will provide a loan of US$51.4mn, US$25mn will be provided by the Korean infrastructure development co-financing facility in Latin America and the Caribbean, US$17mn will come in the form of grants from the Clean Technology Fund (CTF) and the Scaling up Renewable Energy in low income countries Project (SREP), whilst US$10mn will come from local counterpart funds.

YPF has mandated Credit Suisse and UBS to arrange fixed income investor meetings this week ahead of a possible Swiss-franc denominated unsecured bond offering Reuters reports.

Ukraine is gearing up to place US$1bn in Eurobonds, Finance Minister Oleksandr Danyliuk told reporters in London this week. The government has completed the first stage of preparatory work on the issuance, which will be backed by a US guarantee.

The province of Cordoba is planning to issue a USD bond for up to US$150mn according to Fitch Ratings, which rates the notes B (EXP).

Norwegian telecom holding Telenor is looking to buy an 8% stake in Russia's Vimpelcom. Telenor could launch a 3-year US$1bn bond which would be exchangeable into Vimpelcom American Depository Shares (ADSs) before the pricing of the ADS. Morgan Stanley and JP Morgan are joint global coordinators and joint bookrunners include Citigroup, Credit Suisse, Morgan Stanley and JP Morgan.

Moody's has lowered Paraguay's Ba1 rated banking sector's outlook to negative citing declining profitability and rising bad loans.

Moody's keeps Poland's rating unchanged at A2 negative.

China's largest asset management company China Huarong issued US$500mn Eurobonds sold at par with a 2.875% coupon. Agricultural Bank of China, ANZ, Bank of China, CCB International, China Huarong, China Minsheng Banking, CITIC Securities International, Commerzbank, Credit Suisse, CLSA, Goldman Sachs, HSBC, Standard Chartered Bank, and Wing Lung were bookrunners on the deal.

Chinese life insurer Unionlife Insurance Company issued US$500mn in 5-year benchmark notes with a coupon of 3%. Bank of China, HSBC, ICBC, and Morgan Stanley managed the trade.

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