Pakistan has sold its US$1bn sukuk to international investors at 5.5% - 1.25% lower than IPTs of 6.75%, according to the country's Finance Minister. 90 accounts bought the bond, and demand reached US$2.4bn. By geography, the bond was split between 38% in Europe, 27% in North America, 27% in the Middle East 6% in Asia and 2% elsewhere.
Ironveld has received a ZAR244mn funding package from the Industrial Development Corporation (IDC) for its high purity iron, vanadium and titanium project in South Africa. The loan will form part of a ZAR841mn package for the development of the project, the company has said.
Promsvyazbank is preparing to go on a roadshow in London and Switzerland for a US dollar-denominated senior unsecured fixed rate loan participation bond with a tenor of around 3-3.5 years. HSBC, ING, JP Morgan and Renaissance Capital are the JLMs and bookrunners on the deal. The bank last tapped the markets with a Eurobond in 2014.
Chile-based LATAM Airlines has mandated Citigroup and JP Morgan as global coordinators and Bank of America Merrill Lynch, BNP Paribas, Deutsche Bank and Santander as bookrunners for an up to US$500mn bond, which will be used to refinance debt and for general corporate purposes. Fitch has rated the proposed senior unsecured bonds B+(EXP).
Malawi has received a US$22.33mn concessional loan from the African Development Bank (AfDB) to finance the country's agricultural infrastructure and Youth in Agribusiness Project. The US$27mn project will also see the EU offer a US$2.23mn grant and the government cover the remaining US$2.46mn.
Indian UPL Group has raised US$500mn from an overseas bond sale through its wholly-owned subsidiary UPL Corporation Ltd. The senior unsecured 2021 notes carry a yield of 3.25% per annum. According to sources speaking to PTI, the deal was 2.2x oversubscribed and proceeds will be used to repay debt and for working capital. The transaction is the first agrochemical bond deal across Asia. ANZ, Citigroup, Credit Suisse, Deutsche Bank and JP Morgan were the joint bookrunners for the deal.
Azerbaijan's Sovereign Wealth Fund (SOFAZ) has deposited US$1bn in the state-owned International Bank of Azerbaijan.
Telecom Personal has received a 6-year, US$400mn loan from the IFC.
Banco Compartamos has issued MXN2.5bn in a dual-tranche bond with tenors of 3 and 7 years. Demand reached 3.3x the amount offered.
Emirates Islamic Bank has said it plans to raise AED1.5bn (US$408mn) in a rights issue to increase the Bank's capital.
Czech industrial production rose 13.1% year-on-year in August following a 14.1% drop year-on-year the previous month according to the Czech Statistical Office.
Hungarian industrial production increased 11.1% year-on-year in August following a 4.7% drop year-on-year the previous month according to the Hungarian Central Statistical Office.
Mexico's September CPI rose 2.97% year-on-year compared to a 2.73% year-on-year rise in August according to the Instituto Nacional de Estadistica y Geografia. Inflation remains below the 2-4% target range.
Chilean CPI rose 3.1% year-on-year in September, slightly lower than the 3.4% year-on-year increase in August according to the National Institute of Statistics, Chile. Inflation remains within the target range of 2-4%.
