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Daily Roundup

Kuwait’s Warba Bank receives approval for US$250mn sukuk – Nigeria secures US$600mn loan from AfDB – Argentina’s CGC announces US$300mn 5NC3 bond – RUR90bn budget hole revealed in Russia’s delicensed Rosinterbank – Brazil’s president Michel Temer called as defence witness in trial of ex-lower house speaker Eduardo Cunha

Nov 3, 2016 // 10:51AM

Kuwait's Warba Bank has received approval from the country's Central Bank to issue a sukuk up to US$250mn in size, according to the Bank. The proceeds will be used to fund its Tier 1 capital.

Nigeria has secured a US$600m loan from the African Development Bank, part of a total of US$1bn for budget support, the rest of which will be disbursed early next year if reforms are implemented, the Bank said in a statement.

Argentina's E&P company Compania General de Combustibles (CGC) has announced a US$300m 5NC3 bond ahead of expected pricing on Wednesday. Bank of America Merrill Lynch, Citigroup and Itau are international bookrunners on the deal, which is expected to be rated B-/B by S&P Global Ratings and Fitch.

Russian lender Rosinterbank, which lost its license on September 19, has a budget deficit of RUR90.9bn, Russia’s Interfax agency reports. At the time of delicensing the bank was reporting a surplus of RUR5.5bn and was ranked 68 in Russia’s Top-100 banks.

The US Federal Reserve left interest rates unchanged yesterday at 0.5%. The likelihood of a December rate hike is now around 80%.

S&P Global Ratings has revised the credit rating of Russian independent oil & gas producer OAO Novatek from BB+ to BBB stable.

Turkish CPI rose 7.16% year-on-year in October, down from a 7.28% year-on-year increase in September, according to the Turkish Statistical Institute.

Michel Temer has been called as a defence witness alongside former Brazilian President Luiz Inacio Lula da Silva for former lower house speaker Eduardo Cunha, who led Dilma Rousseff's impeachment and is himself facing corruption charges after being expelled from office.

Colombian policy makers are seeking to increase a tax on foreign holders of the country's local-currency peso-denominated bonds.

The Russian government is pushing for the Central Bank to take over from the ministry of finance in regulating auditors, as the number of delicenced banks continues to rise, local agency RBC reports.

Egypt's dollar bonds rallied across the curve on Thursday, after the country floated its currency. The pound fell by 47.7% to an initial guidance level of EGP13 to the dollar. The Central Bank also announced plans to offer US$4bn at a special forex auction on Thursday.

Argentina has taken a U-turn on a planned US$2.6bn loan for building a hydroelectric dam, which was agreed with Russia before reaching an agreement with its holdout creditors. Argentina’s Finance Ministry explained that the financial conditions offered by Russia to lend the money have ceased to be appealing.

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