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Equate to finalise bond sale – Saudi Arabia to tap into sukuk – Union Bank of India to issue fresh bonds – South Africa to raise taxes, cut spending – green bond volumes to break US$100bn this year

Oct 27, 2016 // 5:40PM

Kuwait's Equate Petrochemicals is likely to finalise a dual-tranche bond on Friday, making it the first GCC issuer to tap the market after the sovereign. The company plans to sell 5 and 10-year notes in unspecified amounts. The move comes less than five months after it secured a US$5bn loan.

At a joint press conference with the IMF this week, Saudi Arabia's Finance Minister said the country could issue Islamic bonds in the future to help fund government spending initiatives. The statement came less than two weeks after the country issued a record US$17.5bn in bonds to help plug the deficit.

South Africa's embattled Finance Minister Pravin Gordhan said the government will announce a raft of new taxes and spending cuts in February that will help raise an extra ZAR43bn (US$3.1bn). The move will help the country avoid a credit rating downgrade to junk.

Global green bond volumes for 2016 are on track to reach above US$80bn and could hit US$100bn following a record third quarter, driven by municipalities and Chinese corporates, according to report recently published by Moody’s.

Union Bank of India said it plans to raise Rs2,900 crore in bonds between now and Q1 2017. The bank hasn't specified whether the bonds will be issued in local or foreign currency.

The Government of Ghana has secured a €144mn loan to help finance the construction of the Tamale Airport in the country's northern region. The loan is being provided by Banco Santander and Contracta Construction.

Nigeria LNG has said it plans to raise US$15bn for its highly anticipated Train LNG 7 project.

Nigeria secured a US$575mn loan from the World Bank for reconstruction of the North East and to help combat a polio outbreak.

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