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Daily Roundup

Turkish Central Bank cuts rates for 7th consecutive month – Russia issues US$1.25bn tap of 2026s – Union National Bank mandates banks for bond sale – GACM launches US$2bn in green bonds – Argentine sovereign looking to issue 3rd bond of the year

Sep 23, 2016 // 5:10PM

Malaysian statutory body the Public Sector Home Financing Board issued a debut sukuk amounting to MYR4bn with tranches from 3 to 30 years. The transaction was priced at between 3.5% and 4.90% across the tenors. The deal was over 3x oversubscribed.

The Turkish Central Bank has cut its overnight lending rate by 25bp from 8.50% to 8.25% for the seventh consecutive month.

Lafarge Africa has raised NGN60bn (US$184mn) through a 3-year NGN26.38bn note at 14.25% and a 5-year NGN33.62bn tranche at 14.75%.

Russia issued US$1.25bn at 4.75% in a tap of its 2026 notes, reaching its US$3bn limit on overseas sales this year. VTB Capital was the only organiser of the deal. The Russian Ministry of Finance noted that the bonds were priced at 106.75% of their original value. According to Bloomberg, investors put in over US$3bn worth of bids.

Union National Bank has mandated 6 banks as JLMs and bookrunners to arrange fixed income investor meetings in Asia, Europe and the Middle East ahead of a potential senior unsecured bond sale as part of the Bank's EMTN programme. Mandated banks include ANZ, Commerzbank, HSBC Bank Middle East, Mizuho International, NBAD and Standard Chartered.

Grupo Aeroportuario de la Ciudad de Mexico (GACM) has launched US$2bn in green bonds, split evenly between 10-year and 30-year tranches priced at T+275bp and T+325bp respectively. GACM also has the opportunity to issue a further US$4bn. Reuters reported that the orderbooks for the two tranches amounted to US$10bn for the 10-year tranche and US$4bn for the 30-year tranche. Global Coordinators were Citigroup, HSBC and JP Morgan, with BBVA and Santander acting as joint bookrunners.

BRF GmbH has launched a US$500mn bond at 4.625% with the proceeds going towards refinancing purposes according to Reuters. Active bookrunners were BB Securities, Bradesco BBI, Itau BBA, JP Morgan and Santander.

The province of Cordoba has launched a US$150mn 8-year bond at 7.875%. Reuters reported that the proceeds will refinance existing debt and fund infrastructure projects and public works within the municipality. Santander is the sole bookrunner.

Unifin has launched a US$400mn 7-year (NC4) bond at 7.25%. Citigroup, Credit Suisse and UBS are joint bookrunners according to Reuters.

Ouro Verde Locacao e Servicio has announced a US$300mn 5-year (NC3) bond with IPTs in the low-to-mid 8% area. Bradesco, Santander and Scotiabank are joint bookrunners.

Mexican retailer Liverpool has mandated Citigroup, Credit Suisse and Morgan Stanley to market a 10-year bond to international investors.

Banorte has mandated Bank of America Merrill Lynch, JP Morgan and Morgan Stanley to market a Tier 2 Basel III-compliant bond (either 15-year NC10 or 10-year NC5). Roadshows will take place next week.

Argentina is planning a dual-tranche, benchmark sized euro-denominated bond according to Reuters. BBVA, BNP Paribas and Credit Suisse will arrange fixed income investor meetings in Europe starting next week.

Ultrapar has mandated BB Securities, Bradesco BBI, Morgan Stanley and Santander to organise roadshows next week ahead of a possible RegS senior unsecured US dollar bond according to Reuters.

Colombia's current account deficit has fallen from US$4.2bn in Q2 2015 to US$2.8bn in Q2 2016.

Argentine GDP growth has fallen by 3.4% year-on-year in Q2 2016.

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