Brazilian mining giant Vale has reportedly received a US$1bn loan from a syndicate of global banks. The facility is guaranteed with iron-ore shipments to Swiss commodities trading firm Glencore, according to Bloomberg.
The Ghana Cocoa Board (COCOBOD) is set to sign another US$1.8bn syndicated loan with a consortium of global lenders to fund the procurement of cocoa beans for the 2016/2017 crop season. The news follows on the heels of the Bank of Ghana's announcement that the country will start its first foreign-exchange auction for the proceeds from the cocoa regulator’s syndicated loans.
Burgan Bank priced its inaugural US$500mn 5-year senior bond with a coupon of 3.125% at 99.30% and a re-offer yield of 3.278% under its recently established US$1.5 billion EMTN Programme. The bank is the first Kuwaiti FI to issue a public senior bond in the country.
Russian Railways is looking to sell benchmark-sized Eurobonds to partly fund a tender offer for its outstanding US$1.5bn notes due 2017 and CHF525mn notes due 2018. The company hasn't decided whether it will issue in dollars or in offshore rubles.
Dubai’s Emaar Properties listed its US$750mn sukuk on Nasdaq Dubai this week, four years after listing its first benchmark-sized sukuk on the exchange.
Moody's has reaffirmed a stable outlook for Kuwait's banking sector, citing continued government spending and the adoption of loss-absorption mechanisms within the country's financial institutions
Latin American DFI Corporacion Andina de Fomento (CAF) has set IPTs for a new 5-year senior unsecured dollar bond that is expected to price this week.
Argentina's Municipality of Cordoba will begin global roadshows for a dollar bond this week as the city looks to issue up to US$150mn in senior unsecured notes.
Egypt will begin talks with China over a US$2bn loan and is gearing up for an international bond issuance taking place in October and November, according to a report from Reuters. In August the government approved the sale of up to US$8bn in Eurobonds later this year and has enlisted five global lenders to act as lead arrangers.
Fitch has downgraded rating of Andrade Gutierrez Engenharia S.A. (AGE) to 'B-' from 'B+' citing deteriorating liquidity conditions.