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Tenaga Nasional Bhd plans new sukuk issuances – Parque Arauco issues new UF bonds – TAQA hits the market with retap – Nigeria to set up US$500mn mining support fund – Egypt CB gets Saudi deposit – Russian Railways could issue perpetual bonds

Oct 13, 2016 // 5:23PM

Malaysian electric utility Tenaga Nasional Bhd plans to issue new Islamic notes as part of its US$2.5bn multi-currency sukuk programme created by TNB Global Ventures Capital Bhd. The sukuk has been given a provisional (P)A3 stable rating by Moody’s.

Chile's Parque Arauco placed a UF2mn 21-year (with a 10-year grace period) bond with a 105bp spread to yield 2.48%, and a UF3mn 7-year (with a 3-year grace period) bond with an 82bp spread to yield 1.73%.

Abu Dhabi National Energy Co (TAQA) raised US$750mn in a retap of its 2021s and 2026s, which were originally issued in June this year. TAQA issued US$250mn of its 2021s and US$500mn of its 2026s. Citigroup, Mizuho, Mitsubishi UFJ Financial Group and Standard Chartered arranged the sale.

Nigeria's government is in advanced talks with its sovereign wealth fund and the country's stock exchange to set up a US$500mn exploration fund and corporate mining bonds to help boost investment in the sector, according to the country's Minister of Mining Kayode Fayemi.

Nigeria is also officially launching its Development Bank of Nigeria after entering into a funding agreement with the World Bank Group and other commercial partners to release of US$1.3bn in initial funding.

Egypt's Central Bank has received a US$2bn deposit from Saudi Arabia, a necessary reserve boost in the country's bid to secure a US$12bn funding package from the IMF. The move also helps end speculation that political tensions between the two nations were preventing Saudi Arabia making good on its commitment to helping Egypt secure the funding package.

China plans to lend up to US$290mn in three-year loans to a number of African nations including Angola, Mozambique, Guinea Bissau, Cape Verde and East Timor. The loans will be deployed for infrastructure development.

India could look to consolidate two state-run banks once their assets have been cleaned using a newly introduced process to help cleanse banks of stressed assets, according to recent media reports.

Jordan signed an agreement for a US$300mn loan with the World Bank Group (WBG).

Otas, a special purpose vehicle formally known as Ojer Telekomunikasyon AS and majority owner of Tuk Telekom, missed a US$290mn repayment on a US$4.75bn syndicated loan due to currency volatility, according to a report from Bloomberg.

Russia plans to make as much as US$4bn of next year’s sales of Eurobonds available to exchange for existing debt, according to a pre-release draft of government budget.

State-run corporation Russian Railways could be looking to issue perpetual bonds to raise new liquidity, according to the company's president Oleg Belozerov.

Indian CPI rose 4.31% year-on-year in September, slightly down from the 5.05% year-on--year increase in August, according to the Ministry of Statistics and Programme Implementation (MOSPI), India.

The Bank of Korea has kept interest rates on hold at 1.25%.

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