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On The Horizon in EMs

Deals, rating actions, currency movements, policy changes, and the occasional bit of hearsay. Here is your daily snapshot of what’s happening, and what’s on the horizon, in emerging markets.

May 24, 2016 // 5:12PM

Emirates Islamic Bank launched the sale of US$750mn 5-year in sukuk. Pricing was 220 bp over midswaps, orders reached US$2.2bn. Arrangers were EIB, Standard Chartered, Al Hilal Bank, Bank ABC, Dubai Islamic Bank, HSBC, Maybank and Noor Bank.

Kenya Electricity Generating Company (KenGen) is set to raise US$286mn to finance power projects in Africa

Axis Bank to raise US$500mn through green bonds this week

Russia launched a 10-year bond sale, generating US$4.7bn in orders. VTB Capital is sole lead manager. IPTs are around 4.65-4.90% for bond.

United Capital and United Bank for Africa have inked a deal offering bank guarantees valued at N50.59bn (US$254mn) to the power generations companies (GenCos) on behalf of the Nigerian Bulk Electricity Trading (NBET)

Fitch upgrades Russian steelmaker Severstal’s rating from BB+ to BBB-with negative outlook

Fitch affirms Metalloinvest's BB rating with a stable outlook

Bank of Indonesia considers loosening lending rules to stimulate credit

Indonesia's Bank Permata plans US$405mn rights issue

China's Ministry of Finance plans to sell US$458mn in London's offshore RMB market as early as this week

SACE boosts Middle East presence with new Dubai office

Brazil's Marfrig Global Foods announced US$500mn note buyback programme

Dubai Electricity and Water Authority (DEWA) upgraded to 'BBB+' with a stable outlook by S&P on stronger financial profile

Bahrain-based Arab Banking Corp. outlook revised to negative by S&P on rising economic risk; 'BBB-/A-3' ratings affirmed

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Bonds & Loans is a trusted provider of news, analysis, and commentary that helps illuminate the most significant issues, events and trends impacting the global emerging credit markets.

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