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South African markets rally after Gordhan charges dropped – Sun Dreams receives US$150mn loan – Allianz to invest in IFC – Rosneft sells stake in Vankour – S&P upgrades Pakistan’s credit rating – Cuba begins debt repayments to sovereign creditors

Oct 31, 2016 // 5:36PM

APM Automotive Holding Berhad's proposed MYR1.5bn Islamic MTN Programme and its proposed MYR1.5bn Islamic CP Programme have been assigned an AA2 Stable and P1 rating by RAM Ratings.

Allianz will invest US$500mn in the International Finance Corporation (IFC) through its Managed Co-Lending Portfolio Programme (MCPP) to fund debt financing for infrastructure projects across emerging markets.

Sun Dreams, a merger between South Africa's hotel and casino operator Sun International and Chilean counterpart Dreams, has received a US$150mn loan through Banco de Chile, BCI, Banco Estado and BBVA for expanding its operations in Latin America. The loan will refinance existing liabilities and extend its debt maturity profile from 4 to 10 years.

South African markets rallied as the country's chief prosecutor dropped fraud charges against Finance Minister Pravin Gordhan. The country’s bond markets rose on the news.

South Korean IP fell by 2% year-on-year in September to -2%, down from +2.2% in the previous month, according to Statistics Korea.

Cuba has paid ahead of schedule the first installment of a renegotiated US$2.6bn debt to 14 DM governments as it seeks to overcome its chronic payment history. Paris Club creditors forgave it US$8.5bn of US$11.1bn in official debt it had defaulted on in 1986, plus charges. Repayment of the remaining debt was structured over 18 years.

Russia's oil giant Rosneft said on Friday it closed a deal to sell an 11% stake in the Vankor project to India's top oil explorer ONGC for US$930mn.

S&P raised Pakistan’s sovereign credit rating from B- to B. Improved macroeconomic stability has raised Pakistan's growth prospects and bolstered its fiscal and external buffers.

Colombia’s Banco de Bogota SA, issued rating Ba2/BBB-, announced a US$500mn re-tap of the 6.25% 2026 subordinated tier 2 notes. The active bookrunners are Credit Suisse, HSBC and JPMorgan.

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April / June 2020

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