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Daily Roundup

Mexico hikes rates – Peru upsizes local currency notes – SAMA orders banks to reschedule consumer loans – First Capital Securities issues CNY notes – Egypt looking for second World Bank, AfDB tranche

Sep 30, 2016 // 4:54PM

Peru upsized its 12-year local currency bond from PEN806.826mn (US$239.24mn) to around PEN1.6bn (US$474.2mn). Pricing has also been revised from 6.375% to 6.35%, according to data from IFR. The orderbook amounted to PEN11bn. BBVA, Bank of America Merrill Lynch and HSBC are leading the transaction.

Telefonica Chile has placed CLP94.4bn (US$140mn) in local currency notes maturing in September 2021 and yielding 4.75%. The placement was nearly 2.5X oversubscribed.

Mexico’s Central Bank has hiked its interest rate for the third time since the beginning of 2016, citing increased currency pressure and inflation risks. Policymakers increased the key interest rate by 0.5% to 4.75%.

Saudi Arabia's Central Bank (SAMA) has asked the country's banks to reschedule consumer loans for employees whose salaries were reduced following the government's announcement of widespread salary freezes and bonus cuts earlier this week.

Chinese securitisation firm First Capital Securities issued CNY1bn (US$150mn) in unsecured subordinated 5-year notes. The notes carry a coupon of 3.69% according to a statement issued by the firm.

Fitch Ratings has upgraded General Shopping Brasil SA's (GSB) Long-Term Foreign and Local-Currency Issuer Default Ratings (IDRs) to 'CC' from 'RD' and National Scale rating to 'CC(bra)' from 'RD(bra)'.

Egyptian Prime Minister Sherif Ismail said the country is looking to secure another tranche of its US$4.5bn funding packaged from the World Bank and AfDB by the year's end, according to Reuters. The country has already secured US$1.5bn in loans from the two organisations.

Moody's has downgraded Municipality of Coatzacoalcos's issuer ratings to B2/Ba1 (mx) from B1/Baa3 (mx) citing liquidity concerns. The municipality struggled with repayments on existing facilities in July.

The Czech National Bank has kept interest rates on hold at 0.05% and reaffirmed its commitment to targeting the exchange rate as an easing mechanism.

Caixin China manufacturing PMI hit 50.1 in August, marginally better than the 50.0 reading in July and 49.0 in June.

Malaysian manufacturing PMI improved slightly this month, hitting 48.6 compared to 47.4 in August.

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