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Daily Roundup

Nigeria looking to issue green bond – Tecnoglass S.A. looking to issue dollar bond – ECL Finance issues masala bond – Dubai government hires banks for financing for airport expansion – Fibria looking to issue green bond – Russia swaps Jordanian liabilities for purchases of military and technological equipment

Nov 1, 2016 // 6:17PM

Nigeria is being advised on the issuance of its debut sovereign green bond.

Colombia-based Tecnoglass S.A. is planning to issue US$225mn in an up to 7-year unsecured debt issuance according to a press release from Fitch Ratings, which assigned the proposed notes a BB-(EXP) rating.

India's ECL Finance, a subsidiary of Edelweiss Financial Services Limited, has raised Rs5.02cr (US$66mn) from a 3-year 2 month masala bond priced at 9.05%.

The government of Dubai hired HSBC Holdings Plc to help raise US$3bn to finance the expansion of its airports. The Dubai Department of Finance, the Investment Corp. of Dubai and Dubai Aviation City Corp. are working to raise Islamic and conventional financing for the project.

Brazil's Fibria is looking to begin a roadshow for a green bond. Citigroup, Bank of America Merrill Lynch, BNP Paribas, HSBC and JP Morgan are arranging the transaction.

Scatec Solar and Nordfund will enter into a PPA for Mozambique's first solar generator. The 40MW plant is to be built near the city of Mocuba. The project will require around US$80mn in investments. Scatec Solar, KLP Nordfund Investments and EDM will provide an equity tranche, whilst the IFC and the Emerging Africa Infrastructure Fund will provide a project financing credit tranche. Financial close and construction are expected to begin in Q1 2017.

Dubai-based Oger Telecom, the Turkish unit of which owns a 55% stake in Turk Telecom, is in talks with creditors to renegotiate its debt ahead of a US$4.75bn loan repayment in March according to sources speaking to Reuters. This unit already missed an almost US$300mn interest repayment at the end of September.

South Korean CPI grew by 1.3% year-on-year in October, up from a 1.2% year-on-year rise in the previous month, according to Statistics Korea.

Thai CPI rose by 0.34% year-on-year in October, down from a 0.38% year-on-year rise in September according to the Bureau of Trade and Economic Indices, Ministry of Commerce, Thailand.

Polish CPI fell 0.2% year-on-year in October, up from a 0.5% fall year-on-year the previous month, according to the Central Statistical Office of Poland.

Brazil's primary budget deficit was recorded at BRL26.6bn for September, whilst gross debt-to-GDP reached 70.7%.

Venezuela's FX reserves fell from US$11.7bn to US$10.9bn following a debt repayment of US$1.2bn that PdVSA had to make.

Ant Financial Services Group, the digital financial services arm of Chinese Alibaba online retailer, will buy a 20 per cent holding in Ascend Money for an undisclosed sum. Ascend operates in six countries, including Thailand, Indonesia, the Philippines, Vietnam, Myanmar and Cambodia.

Indonesia’s Central Bank governor Agus Martowardojo was questioned by the nation’s anti-corruption agency as a witness in a probe relating to a government contract that was awarded during his time as finance minister.

Russia has agreed to a restructuring of US$350mn in outstanding Jordanian credit, which was handed out to the Middle Eastern country in 2006. According to new terms, Jordan will purchase military and technical products in Russia up to US$350mn until 2019.

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