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Samarco Mineracao SA likely to miss bond repayment – Peru to market sol bonds – VTB to intro new overnight ruble bonds – State Bank of India debuts coco masala bond – Brazil continues privatisation efforts

Sep 15, 2016 // 4:51PM

Samarco Mineracao SA could miss coupon payments that are due on the company's bonds this month due to pressured finances, according to a report from Bloomberg.

The Peruvian government said officials plan to hold meetings with investors in Europe and the US next week in a bid to promote sol-denominated bonds, according to a government statement. BBVA, Bank of America Merrill Lynch and HSBC have arranged the meetings. Earlier this week the country's Finance Minister Alfredo Thorne said the country hopes plans to open its treasury bills to foreign investors.

VTB plans to introduce a new overnight rouble bond instrument in October according to the Bank. The programme has a maximum limit of RUB5tn (US$76.98bn).

According to reports in local news site EWN, Zimbabwe’s Central Bank Chief John Mangudya has said he is willing to resign if the soon to be introduced bond notes fail to ease inflation and dependence on the US dollar, which is used for 90% of all transactions. The country is currently struggling to service is debts, including a US$206mn loan from the DBSA secured last year.

The State Bank of India raised US$300mn (Rs2000 crore) Additional Tier 1 Basel III compliant non-convertible, perpetual non call 5 year subordinated, unsecured notes at a coupon of 5.5%. The deal marks the first cross-border deal in the dollar AT1 market from an Indian bank.

Banco Inbursa has wound up marketing a 10-year US dollar senior unsecured bond. Bank of America Merrill Lynch, Citigroup and Credit Suisse were the mandated lead arrangers on the deal.

Brazil is looking to privatise power company Cemig by November, Reuters reports.

Stanbic Uganda, a subsidiary of the Standard Bank Group has signed a US$55mn 2-year term loan facility. Emirates NBD Capital was coordinator and bookrunner for the deal. MLAs included Al Ahli Bank, Bank of Baroda, SBM Bank and The Commercial Bank. Proceeds will be used for general corporate purposes.

Cameroon has secured CFA21bn (US$36mn) loan from the Deutsche Bank, which will be used to help rehabilitate gardens and parks in the country's capital, Yaoundé.

Fitch Ratings has downgraded Usinas Siderurgicas de Minas Gerais S.A.'s (Usiminas) long term foreign currency and local currency default reating (IDRs) to 'RD' from 'C' and National Scale Rating to 'RD(bra)' from 'C(bra) following the release of the company's debt restructuring plans.

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