India’s Yes Bank has raised Rs330 crore (US$50mn) through the sale of green infrastructure bonds this week. Yes Bank was the first Indian FI to issue green bonds in February 2015 when it raised US$150mn.
The Emirates Nuclear Energy Corporation (Enec) and the Korea Electric Power Corporation (Kepco) have closed a massive funding agreement to finance the UAE's Barakah Nuclear Energy Plant project, valued at over US$24.4bn. The agreement consists of a direct loan from the Export-Import Bank of Korea (Kexim) of US$2.5bn, US$250mn in loan agreements with local and international commercial banks including the National Bank of Abu Dhabi, First Gulf Bank, HSBC and Standard Chartered, and a direct loan from the Department of Finance of Abu Dhabi of up to US$16.2bn.
Enersis Americas printed US$600mn 10-year senior unsecured notes this week, which will be used to refinance existing debt and repurchase of shares in connection with a merger. The notes priced at 98.364 to yield 4.202% and pay a coupon of 4%. BBVA, Citigroup, JP Morgan, Morgan Stanley and Santander lead the sale.
Delhi International Airport priced US$522.6mn 10-year bond at 6.125%, well inside IPTs of 6.5%. The notes registered US$3.4bn in demand from 219 accounts.
Emirates National Oil Company (ENOC) has declined to finance the expansion of its Jebel Ali oil refinery through commercial loans, opting instead to self-fund the upgrades, which are reportedly worth over US$1bn according to Reuters.
Botswana-based ecotourism company Wilderness Safaris raised US$35mn in a multi-currency 3-year bilateral loan with Stanbic Bank Botswana.
Banco de Crédito del Peru (BCP) is expected to issue US$300mn in senior unsecured notes maturing in three years, a moved aimed at boosting the bank's capital base. Bank of America Merrill Lynch, Credicorp and JP Morgan are leading the sale.
Zimbabwe has reportedly cleared its 15-year-old financial arrears (value at over US$107mn) with the IMF, a crucial first step in clearing the way for the country to secure a new, much needed IMF funding package.
Turkey's Central Bank unexpectedly held its overnight lending rate at 8.25%, while the majority of economists had predicted a cut of 25bp to 8%. Analysts at Schildershoven say the (lack of a) move underscores the government's heavy handedness in monetary policy decisions.
Fitch revised the outlook on a range of Russia's companies this week including PJSC Gazprom, Lukoil, Novatek, Russian Railways, Severstal, and NLMK, shifting their outlook to stable from negative and affirmed them at BBB-.
Alfa Bank will arrange roadshows next week ahead of its inaugural US dollar denominated Basel III-compliant PerpNC5 Tier 1 Eurobond placement.
Credit Bank of Moscow has mandated several banks to arrange series of fixed income investor meetings next week ahead of a possible US dollar-denominated 144A/Reg S deal. The notes will reportedly carry a fixed-rate and mature in 2021.
Indonesia’s Central Bank lowered the seven-day reverse repo rate from 5% to 4.75% in a bid to help stimluate more economic activity. This is the sixth rate reduction so far this year.
Brazilian construction services provider Odebrecht had its credit rating downgraded from B3 to Caa1 by Moody’s this week. The move was mainly due to declining cash position and pressure from working capital.