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Daily Roundup

Samarco Mineracao misses bond repayment – Mexico’s Nafin mandated banks for dollar bond – Access Bank to issue first Nigerian corporate Eurobond in two years – Moody’s downgrades Turkish covered bonds – Eurochem mulls plans 3-year dollar bond

Sep 27, 2016 // 4:51PM

Samarco Mineracao SA has missed a US$13.5mn repayment on a US$500mn bond, according to Reuters. If the company does not make the payment within the next 30 days, investors holding 25% of the bond can demand the principal due immediately.

Nacional Financiera has mandated Bank of America Merrill Lynch and HSBC to market a potential US dollar-denominated bond. Roadshows in London, Boston, NY and LA will take place today and Wednesday.

Nigeria’s Access Bank has begun roadshows across the US and Europe in preparation for a 5-year Eurobond according to the company's CEO. Barclays, Citigroup and JP Morgan will arrange the deal, the first Nigerian corporate Eurobond in over two years.

Moody's has downgraded the ratings of covered bonds issued by six Turkish banks following the sovereign's downgrade, according to a press release from the ratings agency. Akbank, Denizbank, Turkiye Garanti Bankasi, Sekerbank, Turkiye Vakiflar Bankasi (Vakifbank) and Yapi ve Kredi Bankasi. Vakifbank's covered bonds remain on review for downgrade, the release noted. Moody's also lowered Allianz Sigorta's IFSR one notch to ‘Baa2’ with a stable outlook. The move was in line with the recent downgrade of the Turkish sovereign.

Eurochem, which has holdings in Russia and Kazakhstan, is planning a 3-3.5-year dollar-denominated Eurobond for debt refinancing purposes according to Reuters, with roadshows set to take place in Europe and the US tomorrow. Earlier this week, Eurochem announced it was offering to buy back all its US$750mn in outstanding 2017s.

Nigeria is in talks with the AfDB for a US$1bn concessionary loan yielding 1.2% to cover the 2016 budget deficit, according to the country's Finance Minister.

Chilisin has signed a TWD3.5bn (US$111.4mn) syndicated loan with 10 local Taiwanese banks.

YES Bank will raise Rs330cr (US$50mn) through a 7-year green bond with the FMO on a private placement basis.

Pakistan's Economic Coordination Committee (ECC) has finalised plans to issue between US$500mn and US$1bn in dollar-denominated sukuk. The sukuk is backed by the Lahore-Islamabad Motorway. Citibank, Deutsche Bank, Dubai Islamic Bank, Noor Islamic Bank and Standard Chartered are working on the deal.

Fitch has downgraded Coca-Cola FEMSA S.A.B. de C.V.'s (KOF) Long-Term Foreign and Local Currency Issuer Default Rating (IDR) to 'A-' from 'A'

Saudi Arabia has reportedly mandated Citigroup, HSBC and JP Morgan for what markets expect to be a bond sale of between US$10bn and US$15bn in size, which could be issued as early as next month according to multiple reports.

The Russian Ministry of Finance’s debt department head Konstantin Vyshkovsky stated in an interview that the Russian and Chinese central banks and the Moscow Exchange were working on the Russian government's debut yuan-denominated OFZ, which could be issued this year. Bloomberg also reported that Russia and China are looking to create a clearing system to boost their trades, and that Russia is already working on an eastern equivalent to the Euroclear settlement system.

China's fourth largest copper producer Fangyuan Group has received a US$385mn structured pre-payment term loan facility, led by Deutsche Bank and ING Bank.

Chinese industrial profits growth accelerated in August to 19.5% year-on-year, a three-year high, up from 11.0% growth in the previous month, according to figures published by the National Bureau of Statistics (NBS).

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