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Daily Roundup

Russia’s Polyus Gold to begin roadshow for benchmark 5-year Eurobond – China’s Baidu Inc establishes CNY20bn (US$3bn) fund for internet investments – Government of Bermuda launches long 10-year US$655mn bond – Brazil’s Banco Draycoval to issue 2-year notes between BRL200mn and BRL400mn in size – Mexico’s Comision Federal de Electricidad (CFE) launches US$1bn 10-year bond

Oct 12, 2016 // 1:40PM

Russia's Polyus Gold will begin a roadshow tomorrow for a benchmark-sized 5-year Eurobond according to Schildershoven Finance.

China's Baidu Inc has announced it has established a CNY20bn (US$3bn) investment fund - Baidu Capital - which will focus on investing in mid-to late-stage deals in the internet sector. Funding tranches will range from between US$50mn to US$100mn or equivalent across yuan, dollars and other currencies, according to the company.

The Bermudan government has launched a long 10-year senior unsecured US$655mn bond priced at T+195bp to yield 3.717%. Reuters reported that the orderbook reached over US$1.6bn. Proceeds will be used to fund a cash tender, repay a US$200mn credit facility and part-fund the country's fiscal deficit. HSBC is the sole bookrunner.

Moody's has assigned a global local currency debt rating of Ba2 negative to Brazilian Banco Daycoval's upcoming 2-year local currency senior unsecured banknotes which will be between BRL200.1mn and BRL400.05mn in size, and which are set to mature in 2018 according to a press release from the ratings agency.

Malaysian IP increased 4.9% year-on-year in August, up from 4.1% year-on-year in July according to the Department of Statistics Malaysia.

Mexican utility Comision Federal de Electricidad (CFE) has launched a US$1bn 10-year bond, priced at T+300bp with a coupon of 4.75%. The orderbook reached US$5.5bn according to Reuters. BBVA, Bank of America Merrill Lynch and Citigroup are the lead arrangers on the deal.

Chile-based LATAM Airlines will visit Santiago, LA, London, Boston and NY over the next week ahead of a 144A/RegS benchmark-sized US dollar-denominated 7-year bond. Citigroup and JP Morgan are global coordinators and joint bookrunners, and are joined in the second role by Bank of America Merrill Lynch, BNP Paribas, Deutsche Bank and Santander who are arranging the roadshow.

Fitch has removed Russia's PAO Koks Group from rating watch negative and affirmed a B negative rating.

Mexican IP increase 0.31% year-on-year in August compared to a 1.3% year-on-year decline in July according to the country's Instituto Nacional de Estadistica y Geografia (INEGI).

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