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Daily Roundup

NBAD seeks US$2bn in fresh loans – NLMK Board approves RUB200bn perpetual bond – Ghana mulls diaspora bonds – Aje seals US$88mn loan – IDB picks banks for 5-year sukuk – IFC commits to Sierra Leone IPP – TGU issues 11-year bond

Oct 28, 2016 // 4:56PM

The National Bank of Abu Dhabi is seeking up to US$2bn in a new long-term loan as it looks to refinance a number of existing bilateral obligations, the bank said in a statement. The 3-year loan carries an interest rate of LIBOR+65bp, and is largely being aimed at NBAD's existing relationship banks.

Russian steelmaker NLMK's Board of Directors has confirmed the terms for a new multi-currency perpetual bond issuance programme. The size of the programme was set at RUB200bn or the foreign currency equivalent. The maximum term of any issue within the programme is 30 years, according to a press release from the company.

Trinidad Generation Unlimited (TGU) launched an 11-year amortizing bond paying a coupon of 5.25% and priced at 98.32 to yield 5.475%. Proceeds from the deal will be used to repay a US$600mn syndicate bridge facility maturing in July 2017.

Ghana is considering raising fresh funds by issuing diaspora bonds, which provide the country's expats with a discount on its debt, as part of its funding strategy for next year, Ghana's Finance Minister Seth Terkper said at a press conference this week.

Peruvian drink maker Aje has received a US$88mn syndicated loan, according to Latin Lawyer.

The Islamic Development Bank (IDB) has mandated Boubyan Bank, Credit Agricole, Gulf International Bank, JP Morgan, Mizuho, Natixis, NBAD, RHB and Standard Chartered ahead of a possible 5-year sukuk upwards of US$1bn in size, which will be sold after the US general election on November 8 according to sources speaking to Reuters.

Alfa Bank placed a US$400mn perpetual junior subordinated Eurobond with a coupon of 8%.

The Central Bank of Russia held its key interest rate unchanged at 10.00% on Friday. The bank had previously indicated at its September meeting that it was done easing until 2017, so the decision did not come as a surprise.

Credit Bank of Moscow placed a US$500mn 5-year senior bond at 5.875%.

PKO Bank Hipoteczny has issued a €500mn 5-year mortgage covered bond at 0.178%.

Deteriorating oil sector dynamics and lack of new sources of external financing could further erode Mozambique's credit profile, according to a report recently published by Fitch.

The IFC has committed US$27mn to support the development of an CDC Group and TCQ Power-sponsored IPP in Sierra Leone. The DFI also acted as lead arranger in garnering an additional US$109mn from other DFIs.

The African Export-Import Bank (Afreximbank) and the Export-Import Bank of Korea (KEXIM), have inked a deal that will see the latter offer the former US$100mn to help support trade between Africa and South Korea, the banks said in a statement. 

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