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Daily Roundup

Turkish assets struggle on back of ratings downgrade – Petrobras to divest stake in Braskem – Russia targets US$3bn in 2017 borrowing – Ahli Bank finalising 3-year loan – Exim Bank mulls US$1.5bn Eurobond

Sep 26, 2016 // 5:56PM

Turkey's long-term issuer and senior unsecured bond ratings were lowered one step by Ba1 by Moody's on Friday in its delayed post-coup review. The outlook was set at stable. The move puts Turkey below IG by two of the main rating agencies, the other being S&P Global Ratings.

Petrobras has announced it is to sell its 47% stake in petrochemical company Braskem before the end of 2018. The sale will be part of a US$19.5bn divestment plan.

Russia's Deputy Finance Minister Sergei Storchack said in an interview with CNBC that the sovereign plans to issue another US$3bn on the international capital markets in 2017. 

Qatar's Ahli Bank is reportedly in the last stages of finalising a 3-year loan worth up to US$180mn, according to a report from Reuters.

The National Mortgage Corporation of Malaysia (Cagamas) issued MYR500mn of Islamic Commercial Papers (ICPs). The notes carry a 3-month tenor and were priced against 3-month KLIBOR.

The Saudi Arabian Monetary Agency (SAMA), the country's Central Bank, has deposited US$5.3bn into the country's banks on behalf of a number of government agencies in a bid to boost liquidity in the country. SAMA has also introduced 7 and 28-day repo agreements to improve short-term liquidity conditions.

Export-Import Bank of India (Exim Bank) is looking to tap international bond markets to raise up to US$1.5bn. The bank last raised US$1bn in July.

Slovenia's credit rating has been upgraded by Fitch Ratings from BBB+ to A- with a stable outlook.

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