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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 25, 2016 // 5:27PM

Oman's Bank Muscat signed a US$315mn three-year loan with Bank ABC, Citigroup, Credit Agricole, HSBC, National Bank of Abu Dhabi and Standard Chartered

Mozambique is heading for a default after missing a repayment deadline on a US$535mn loan

Axis Bank prices its US$500mn maiden green bonds at 160 bp over US Treasuries

Niger is to issue three-month CFA15bn (US$25.57mn) bond on 31 May

Banco Aliado closes US$59 million 3-year senior unsecured syndicated loan. Banco Latinoamericano de Comercio Exterior (Bladex) was the sole lead arranger

Greece reaches deal with IMF on debt relief programme, unlocking €10.3bn in bailout cash

Argentina's Central Bank blocks foreign investor access to all LEBAC notes in this week's auction

Turkey's Central Bank cut interest rates 9.5% from 10%, keeping its benchmark one-week repo rate steady at 7.5% and its overnight borrowing rate at 7.25%

The Central Bank of Nigeria announced a shift to a flexible exchange rate regime, removing the fixed NGN197/USD rate

National Bank of Hungary has cut its benchmark 3-month deposit rate by 15 bp

Russia sold US$1.75bn  10-year Eurobonds at a yield of 4.75% after receiving US$7bn in orders

Brazil's interim president Michel Temer promised to limit subsidies and approve a cap on the government spending

Fitch Ratings has downgraded Beijing Automotive Group Co Ltd's (BAIC Group) long-term issuer-default rating (IDR) to 'BBB+' from 'A-'

Fitch Ratings downgraded Credit Suisse Group's long-term default rating by one notch to 'A-'

Empresa Distribuidora de Electricidad de Salta S.A. (EDESA) plans to issue up to US$65mn in senior unsecured notes this week

Moody's upgrades the long-term local and foreign-currency deposit ratings of Bank Uralsib to 'Caa1' from 'Caa2'

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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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