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Dubai looks to fund metro expansion – S&P: PDVSA’s debt swap ‘tantamount to default’ – Rusal to issue yuan debt in 2017 – Turk Telecom bags undersea cable funding – Banque Misr looks to boost lending operations

Sep 22, 2016 // 4:37PM

The Government of Dubai is looking to secure US$2.5bn to help finance an extension to its above-ground metro line, including a US$1.34bn ECA-backed facility and a US$1.15bn unsecured commercial facility.

PDVSA's planned debt swap would be seen as 'tantamount to default' according to S&P Global Ratings.

The head of strategy at Rusal, Russia's aluminium giant has said that the company could issue debut yuan-denominated 'panda bonds' either this year or in 2017.

The EBRD will provide a US$50mn loan to Turk Telecom to help fund an undersea communications cable system covering South East Asia, the Middle East and Western Europe. Turk Telecom is operating the project with a consortium of 17 other telecoms operators.

Japan's Central Bank has left interest rates unchanged as expected, and signaled its commitment to continue easing operations.

The US Federal Reserve left interest rates unchanged this week but signaled a rate hike would take place later this year. Three of the ten voting members voted for an increase in rates, and the committee suggested that the case for a rate increase has strengthened.

Banque Misr is looking to boost its lending to industrial borrowers in Egypt, according to the bank's chairman Mohamed El-Etreby.

Iraq's Parliament sacked Finance Minister Hoshiyar Zebari over corruption allegations, which could further destabilise the country's economy.

The IMF will meet Belarussian Central Bank and government officials this week in Minsk after the country asked the fund for a US$3bn loan to refinance its debt. In return, the IMF wants Belarus to reduce industrial and energy subsidies and reform the banking sector which faces a rise in NPLs.

According to S&P Global Ratings, Russia will not regain its IG rating until at least 2017 despite recent positive rating actions.

Bank of Indonesia cut its benchmark interest rate today by 25bp to 5.0% to assist economic growth. The move comes just after the US Fed kept rates on hold.

The Brazilian Finance Minister Henrique Meirelles noted that the country's benchmark interest rate could fall this year. It has remained at 14.25% since 2012, or nine straight meetings.

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