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Markets skittish ahead of FOMC meeting – Report: NBAD delays green bond over pricing – BIS: dollar denominated debt in EMs slowing down – Nirma lands big acquisition loan facility – QCB to sell second round of government bonds

Sep 19, 2016 // 3:50PM

All eyes are on the Fed this week as mixed messaging ahead of a key FOMC meeting on September 21 moves the probability of a surprise rate hike slightly ahead of where it was last week. 

National Bank of Abu Dhabi has reportedly postponed its inaugural green bond because of disagreements over pricing, according to Reuters.

Dollar-denominated credit in emerging markets globally fell fell to US$3.2tn at the end of March, down US$137bn from a year earlier, according to new data published by the Bank of International Settlements (BIS). The BIS also said dollar lending to global markets outside the US has fallen for the first time since 2009.

Qatar’s Central Bank is offering QAR3bn (US$824mn) in government bonds in its second domestic bond sale this year. The QCB sold QAR4.6bn in Islamic and conventional notes in August this year.

Moody’s forecasts a strong outlook for debt linked to South Africa’s renewable energy sector citing decreasing renewable electricity costs, the growth of independent renewable power producers and increased participation of institutional investors.

Indian household products maker Nirma has raised Rs40bn (US$600mn) in a quad-tranche facility to fund the acquisition of Lafarge India. The 2, 3, 4 and 5-year tranches carried yields of 8.55%, 8.65%, 8.75% and 8.85% according to Reuters. 

S&P has upgraded its sovereign credit ratings on Hungary to ‘BBB-’ from ‘BB+’, citing stronger economic performance and efforts to insulate the sovereign’s debt from currency volatility.

S&P has revised its outlook on the Russian Federation to ‘Stable’ from ‘Negative’ as the country continues to adjust to lower oil prices and decreasing inflation.

Retail sales in Brazil continued to contract through July as the economy continued to shed jobs. Brazilian retail sales declined 0.3% month-on-month and 5.3% year-on-year in July, compared with growth of 0.1% month-on-month and a contraction of 5.3% year-on-year in the previous month, according to data gathered by Schildershoven.

 S&P has downgraded Odebrecht Drilling to ‘CCC’ from ‘CCC+’ citing decreasing liquidity and increased downside risks.

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