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Daily Roundup

Kenya launches Islamic PMO to facilitate debut sukuk sale – BRICS Bank to debut masala bond – Alba successfully closes US$1.5bn syndication for Line 6 – Turkey taps market with post-downgrade dollar bond – Peru approves up to US$300mn in new credit to back spending

Oct 17, 2016 // 6:41PM

The Kenyan government has set up the Islamic Finance Project Management Office to facilitate sukuk issuance across the country, including the sovereign's debut sukuk, according to the Treasury's principal secretary.

The New Development Bank (NBD or BRICS Bank) plans to raise between US$250mn to US$500mn in masala bonds in the first quarter of next year, according to the Bank's president.

Aluminum Bahrain (Alba) has successfully closed a US$1.5bn 7-year (3-year grace period) syndicated loan, the company announced. The loan, which is being used to finance the company's Line 6 Project, carries an interest rate of LIBOR+325bp and consists of two tranches: a US$882mn senior unsecured conventional term-loan facility and a US$618mn senior Shariah-compliant facility. The company says it is the largest pure corporate loan transaction in Bahrain's history.

Turkey has raised US$1.5bn in its first issuance since being downgraded to junk by Moody's according to Bloomberg. The notes mature in 2026 and carry a yield of 4.875%, down from initial price thoughts of 4.9%

Peru's Finance Ministry has approved the issuance of PEN1.023bn (US$300mn) to invest in projects covering health, sanitation, housing, construction, education and transport. The notes will be issued on different dates until the end of the year.

A group led by Russian oil major Rosneft will acquire India's Essar Oil in a deal valued at between US$12bn and US$13bn, according to a report from Reuters. As part of the deal Russian bank VTB is expected to extend a US$3.9bn line of credit to Essar, which will be used for debt restructuring purposes.

Indian public sector lender Bank of Baroda is proposing to raise up to Rs2,000 crore in a private placement this month in order to boost the bank's capital and satisfy Basel III requirements, it said in a recent filing.

Kuwait National Petroleum Co (KNPC) is looking to finalize an ECA-backed US$5bn syndicated loan to finance its Clean Fuels Project by the first quarter of next year, according to a report from Reuters. The project will see the oil company upgrade two of the country's largest refineries.

Qatari real estate developer Ezdan Holding is seeking a US dollar denominated syndicated loan in the region of US$500mn, according to Reuters. Reports of the loan come five months after the company launched its debut US$500mn sukuk.

Fitch has downgraded Andino Investment Holding from B+ to B- outlook negative according to a press release from the ratings agency.

Fitch has upgraded Marfig's IDR to BB- from B+ and has revised the outlook to stable, according to a press release from the ratings agency. 

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