African Export-Import Bank (Afreximbank) has closed its first-ever Chinese-led syndication with a US$300mn 5-year facility guaranteed by the Export-Import Bank of China (China Exim Bank). Standard Chartered Bank acted as the sole coordinator, book runner, and mandated lead arranger on the deal, which was marketed solely to Chinese investors.
Moody’s Investors Service has placed five state-backed South African companies on review for downgrade including Eskom Holdings, the Development Bank of Southern Africa, Industrial Development Corp., the South African National Roads Agency Ltd., and the Land and Agricultural Development Bank. The move comes just months before the ratings agency is expected to announce the results of a sovereign credit review, which could see its status fall into junk territory.
Russian fixed-line operator Rostelecom is to issue RUB4.13bn(US$63.6mn) in 3-year 001P-01R series bonds at 9.2%.
The Government of Nigeria plans to target November for a multi-tranche US$1bn bond, according to local newspaper reports. The country is looking to shore up spending and close its yawning budget gap as it conintues to navigate its first recession in years.
The IMF has finally approved a US$1bn loan package for the Ukraine after multiple delays due to concerns over corruption and potential misuse of funds.
The Bank of China (BOC) will soon issue its first green covered bond, the first by a Chinese entity. The bond will use the proceeds from a pool of green assets including wind power plants and polluted water treatment plants.
Mexican leasing company Unifin will begin marketing a US dollar bond next week. The company plans to issue up to US$500mn in 7-year notes.
Argentine energy firm YPF has opened books for a CHF100mn 3-year bond, its debut Swiss franc transaction.
The Development Bank of Namibia plans to raise N$2.5bn through the establishment of a new Medium Term Note programme backed by the government.
Global Ports launched a $350mn 7-year bond issued at 6.50% and saw strong demand with a book 3X oversubscribed.
BRF has finished roadshows for a US dollar RegS/144A senior unsecured bond, according to Reuters.
JSL has finished roadshows for a senior unsecured RegS/144A dollar-denominated bond.
Datang Corp Renewable Power Co issued a privately placed CNY1bn (US$150mn) in 5-year green bonds at a yield of 3.5%. Huatai United Securities Co and Credit Suisse Founder Securities Ltd acted as joint bookrunners and joint lead underwriters.
The Chilean Central Bank left interest rates unchanged at 3.5%.
The Russian Central Bank has cut its key interest rate by 50bp to 10%.
Russia's credit rating outlook has been revised from negative to stable by S&P Global Ratings. The country's long-term rating was left unchanged at BB+.