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Equate to issue up to US$3bn – Nigeria’s DMO targets Q4 for debt issuance – Oman launches re-tap – RBI Governor: don’t shun bank funding for bonds – Ecuador launches re-tap – PDVSA announces new swap agreement

Sep 28, 2016 // 5:50PM

 Equate Petrochemicals, a joint venture between Dow Chemical Co. and Kuwait's Petrochemical Industries Co., have mandated Citigroup, HSBC, JP Morgan and NBK Capital to issue up to US$3bn in a possible 5-year bond this year.

Nigeria's Debt Management Office (DMO) said it would auction between NGN250bn and NGN340bn (US$795mn to $1.1bn) in local currency-denominated bonds to help plug the country's yawning budget deficit.

Oman has launched a re-tap of its 2021 and 2026 notes, according to a report from Reuters. The sovereign plans to raise US$500mn of the 2021s and US$1bn of the 2026s.

Ecuador has launched a US$1bn tap of its 2022 notes at 10.75% according to Reuters. Citigroup led the transaction.

Bahrain is looking to issue a US dollar-denominated bond, which is said to include an Islamic and conventional tranche. Bank ABC, BNP Paribas, Credit Suisse, JP Morgan and Standard Chartered have been mandated to arrange investor meetings. Fitch rates the proposed issuance BB+(EXP).

Samarco's 10-year 2024 bond was down 6.2%, at 32 cents on the dollar today following the company's missed bond repayment.

Votorantim Cimentos is preparing a US$500mn will-not-grow 10-year bond to be issued through St Mary's Cement Inc. of Canada, according to Reuters. IPTs are in the 6.25% area.

PDVSA has announced new debt swap proposals, offering US$1,200 for every US$1,000 of the principal amount tendered for November notes, and US$1,170 for every US$1,000 on April 2017 notes. PDVSA has also lowered the amount of 2017 debt it wants to swap, from US$7.1bn to US$5.325bn.

The Reserve Bank of India's Deputy Governor Rama Ghandi has stated that bank finance should not be ignored in the drive to develop the country's bond market.

The Chairman of the Securities and Exchange Board of India (SEBI) Upendra Sinha has argued for developing a unified BRICS bond market for the benefit of the member nations.

Housing & Urban Development Corporation Ltd (HUDCO) announced in a statement that it has raised Rs1,300cr through privately placed unsecured, redeemable, non-convertible bonds. The bond was split between two tranches of Rs700cr at 7.36% due November 2019 and Rs600cr at 7.35% due January 2020.

Indonesian real estate developer Bumi Serpong is planning to sell a US dollar-denominated bond set to mature in 2023, as part of a maturity extension exercise according to Schildershoven Finance.

The African Development Bank is looking to lend Nigeria up to US$4.1bn in for power and farming projects over the next year, according to reports. The move could help pull the country out of its first recession in over 20 years.

Egypt's Central Bank plans to raise EGP1bn (US$112.6mn) through the sale of 5 and 10-year teasury bonds to help plug the country's budget deficit.

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